Vertical Analysis of Income Statement For 2012, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $20,000 for advertising. At the end of the year, Lumi Neer, the president, is presented with the following condensed comparative income statement: Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 2012 and 20Y1 20Y2 20Y1 Sales $724,000 $623,000 Cost of merchandise sold 369,240 342,650 Gross profit $354,760 $280,350 Selling expenses $144,800 $118,370 Administrative expenses 79,640 80,990 Total operating expenses $224,440 $199,360 Income from operations $130,320 $80,990 Other revenue 43,440 37,380 Income before income tax expense Income tax expense Net income $173,760 $118,370 72,400 $101,360 49,840 $68,530 Required: 1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. Enter percentages as whole numbers. Enter all amounts as positive numbers.