Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Previous Year Sales Cost of goods sold Selling expenses Administrative expenses Current Year $453,000 258,210 77,010 86,070 13,590 $408,000 208,080 81,600 69,360 20,400 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. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Amount Current year Percent $153,000 100 % 258,210 57 % Sales Previous year Amount Previous year Percent $108,000 100 % 208,080 51 % $ 199,920 49 % Cost of goods sold Gross profit $ 194,790 Selling expenses 77,010 81,600 86,070 69,360 Administrative expenses Total operating expenses 19 36 % % 0.2 17 37 12 X % % % % $ 163,080 $ 150,960 48,960 Income from operations 31,710 7 % 13,590 3 % 20,400 0.05 X % Income tax expense Net income $ 13,590 X 3.8 X % $ 20,400 X