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 $529,000 $460,000 Cost of merchandise sold 312,110 234,600 Selling expenses 84,640 92,000 Administrative expenses Income tax expense 95,220 15,870 78,200 23,000 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 Cost of merchandise sold Gross profit $529,000 % $460,000 % 312,110 % 234,600 % % % Selling expenses 84,640 % 92,000 % Administrative expenses 95,220 % 78,200 % Total onerating expenses %