Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales Cost of goods solod Selling expenses Administrative expenses Income tax expense a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers $492,000 265,680 88,560 98,400 14,760 $423,000 194,580 93,060 80,370 21,150 Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Percent Current year Previous year Previous year Percent Amount Amount Sales $492,000 $423,000 Cost of goods sold 265,680 194,580 Selling expenses 88,560 93,060 Administrative expenses 98,400 80,370