Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year $506,000 $460,000 Sales Cost of goods sold Selling expenses 283,360 230,000 91,080 92,000 Administrative expenses 96,140 82,800 Income tax expense 15,180 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 $506,000 100 % % $460,000 % Sales Cost of goods sold 283,360 % 230,000 % Gross profit $ % $ % Selling expenses 91,080 % 92,000 % 96,140 % 82,800 % Administrative expenses Total operating expenses $ % % Income from operations % % 15,180 % 23,000 % Income tax expense Net income $ % %