Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year $407,000 219.780 $366,000 179,340 Sales Cost of goods sold Selling expenses Administrative expenses 73,200 73,260 81,400 69,540 18,300 Income tax expense 12.210 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 $407,000 % $366.000 % Cost of goods sold 219,780 % 179,340 % % $ 90 Selling expenses 73,260 96 73,200 % Administrative expenses 81,400 % 69,540 90 90 $ % % % Income tax expense 12.210 % 18,300 % $ % by 2 percentage points, and administrative expenses b. The vertical analysis indicates that the cost of goods sold as a percent of sales by 1 percentage points. Thus, net income as a percent of sales by 5 percentage points, while selling expenses by 2 percentage points