Vertical Analysis of Income Statement For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $23,000 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, 20Y2 and 20Y1 20Y2 20Y1 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other income Income before income tax Income tax expense Net income Required $836,000 376,200 $459,800 $167,200 83,600 $250,800 $209,000 25,080 $234,080 91,960 $142,120 $719,000 352,310 $366,690 136,610 86,280 $222,890 $143,800 43,140 $186,940 71,900 $115,040 I. Prepare a comparative i Enter percentages as whole numbers. Enter all amounts as positive numbers. Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 Amount 20Y2 Percent 20Y1 Amount 20Y1 Percent $719,000 352,310 Sales $836,000 Cost of goods sold 376,200 Gross profit $459,800 -$366,090 Selling expenses Administrative expenses83,600 Total operating expenses $250,800 Income from operations $209,000 Other income Income before income tax $234,080 167,200 136,610 86,280 222,890 $143,800 43,140 $186,940 71.900 115,040 25,080 Income tax expense 91960 $142,120 Net income v as a 2. The vertical analysis indicates that the costs other than selling expenses (cost of goods sold and administrative expenses) percentage of sales. As a result, net income as a percentage of sales .The sales promotion campaign appears to have been v cost was more than made up for slightly, the .While selling expenses as a percent of sales