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 $488,000 $439,000 Cost of goods sold 273,280 223,890 Selling expenses 87,840 87,800 Administrative expenses 92,720 74,630 Income tax expense 14,640 21,950 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 $488,000 100 % $439,000 100 % 273,280 56 Cost of goods sold % 223,890 51 % Gross profit 214,720 44 % 215,110 49 % Selling expenses 87,840 18 % 87,800 20 % Administrative expenses 92,720 % 74,630 % Total operating expenses % % 00 Income from operations % % Income tax expense 14,640 % 21,950 % Net income % %