Vertical analysis of income statement For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional comparative income statement: Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Sales $1,500,000 $1,250,000 Cost of goods sold (510,000) (475,000) Gross profit $990,000 $775,000 Selling expenses $(270,000) $(200,000) Administrative expenses (180,000) (156,250) Total operating expenses $(450,000) $(356,250) Operating income $540,000 $418,750 Other revenue 60,000 50,000 Income before income tax expense $600,000 $468,750 Income tax expense (450,000) (375,000) Net income $150,000 $93,750 1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationsh subtracted or negative numbers use a minus sign. Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 2012 and 20Y1 20Y2 Amount 20Y2 Percent 20Y1 Amount 20Y1 Percent Line Item Description Sales 150,000 X 100 Cost of goods sold 510.000 X % $ 34 X% 125.000 X 100 % 475,000 X 38 X % Gross profit 990.000 66 % 775.000 62 % Selling expenses 270,000 X Administrative expenses 180.000 X 18 X % S 12 X % 200,000 X 156,250 X 16 X % 12.50 X % Total operating expenses 450,000 X 30 X % 356.250 X 28.50 X %