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 $487,000 $443,000 Cost of merchandise sold 258,110 212,640 Selling expenses 92,530 93,030 Administrative expenses 97,400 84,170 Income tax expense 14,610 22,150 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.

. 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
Sales	$487,000		$443,000
Cost of merchandise sold	258,110		212,640
Selling expenses	92,530		93,030
Administrative expenses	97,400		84,170
Income tax expense	14,610		22,150