"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 $592,000 $527,000 Cost of goods sold 313,760. 242,420 Selling expenses 112,480 115,940 Administrative expenses Income tax expense 118,400 17,760 100,130 26,350 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 311 Current year Amount Current year Percent Previous year Amount Previous year Percent % Sales $592,000 $527,000 % Cost of goods sold 313,760 % 242,420 % % % % Selling expenses 112,480 115,940 % Administrative expenses 118,400 % 100,130 % % %