Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year $510,000 $449,000 Sales Cost of goods sold 211,030 94,290 Selling expenses 270,300 96,900 102,000 15,300 Administrative expenses 85,310 Income tax expense 22,450 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 $510,000 $449,000 Sales Cost of goods sold 270,300 211,030 Selling expenses 96,900 94,290 Administrative expenses 102,000 85,310 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 $510,000 $449,000 270,300 211,030 Sales Cost of goods sold Selling expenses 96,900 94,290 Administrative expenses 102,000 85,310 Income tax expense 15,300 22,450 by 2 percentage points, b. The vertical analysis indicates that the cost of goods sold as a percent of sales by 6 percentage points, while selling expenses and administrative expenses by 1 percentage points. Thus, net income as a percent of sales by 3 percentage points