Vertical Analysis of Income Statement For 20Y2, Fielder Industries Inc. initiated a sales promotion campaign that included the expenditure of an additional $40,000 for advertising. At the end of the year, Leif Grando, the president, is presented with the following condensed comparative income statement: Fielder Industries Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 2041 20Y2 2011 Sales $1,300,000 $1,180,000 Cost of goods sold (682,500) (613,600) Gross profit $617.500 $566.400 Selling expenses $(260.000) $(188,800) Administrative expenses (169,000) (177,000) Total operating expenses $(429,000) $(365,800) Operating income $188,500 $200,600 Other revenue 78,000 70.800 Income before income tax expense $266,500 $271,400 Income tax expense (117,000) (106,200) Net income $149,500 $165,200 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, Round to one decimal place. For those boxes in which you 4 must enter subtracted or negative numbers use a minus sign Fielder Industries Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 2041 2042 2042 2041 2041 Amount Percent Amount Percent Sales $1,300,000 % $1,180,000 % sold (613,600) % Gross profit $617,500 % $566,400 % Cost of goods (682,500) %