Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Current Year Previous Year $525,000 $452,000 336,000 266,680 73,500 72,320 84,000 10,500 67,800 18,080 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 Sales Current year Amount Current year Percent $525,000 Previous year Amount Previous year Percent % $452,000 % Cost of goods sold 336,000 % 266,680 % % % Selling expenses 73,500 % 72,320 % Administrative expenses 84,000 % 67,800 % % % % % Income tax expense 10,500 % 18,080 % % % b. The vertical analysis indicates that the cost of goods sold as a percent of sales by 1 percentage points. Thus, net income as a percent of sales by 5 percentage points, while selling expenses by 2 percentage points. by 2 percentage points, and administrative expenses