Vertical Analysis of Income Statement For 2012, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $19,000 for advertising the following condensed comparative income statement: Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 2012 20Y1 Sales Cost of merchandise sold Gross profit $683,000 $587,000 321,010 299,370 $361,990 $287,630 Selling expenses Administrative expenses $136,600 $111,530 75,130 76,310 Total operating expenses $211,730 $187,840 Income from operations $150,260 $99,790 Other revenue 27,320 35,220 Income before income tax expense $177,580 $135,010 Income tax expense 68,300 52,830 Net income $109,280 $82,180