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 $614,000 $534,000 Cost of goods sold 337,700 267,000 Selling expenses 110,520 106,800 Administrative expenses Income tax expense 116,660 18,420 96,120 26,700 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 $614,000 Previous year Amount Previous year Percent % $534,000 % Cost of goods sold 337,700 % 267,000 % % % Selling expenses 110,520 % 106,800 % Administrative expenses 116,660 % 96,120 % % % % % Income tax oVBANGA 18 420 % 26.700 %