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 $519,000 $472,000 Cost of goods sold 306,210 245,440 Selling expenses 83,040 89,680 Administrative expenses 93,420 80,240 Income tax expense 15,570 23,600 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 $519,000 $472,000 Cost of goods sold 306,210 245,440 Gross profit Selling expenses 83,040 89,680 Administrative expenses 93,420 80,240 Total operating expenses % 9% Income from operations Income tax expense 15,570 Do 23,600 Net income