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 sold Selling expenses Administrative expenses Income tax expense $604,000 338,240 108,720 114,760 $513,000 261,630 102,600 87,210 25,650 18,120 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. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Amount Current year Percent Previous year Amount Previous year Percent $604,000 $513,000 Sales Cost of goods sold 338,240 261,630 Selling expenses 108,720 102,600 Administrative expenses 114,760 87,210 Administrative expenses 114,760 87,210 Income tax expense 25,650