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 $506,000 $450,000 Cost of merchandise sold 288,420 225,000 Selling expenses 86,020 90,000 Administrative expenses Income tax expense 96,140 15,180 81,000 22,500 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 Sales $506,000 % $450,000 % Cost of merchandise sold 288,420 % 225,000 % % % Gross profit Selling expenses 86,020 96 90,000 % 96,140 % $1,000 % Administrative expenses Total operating expenses 96 %