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 $490,000 $550,000 324,500 88,000 259,700 93,100 Cost of goods sold Selling expenses Administrative expenses Income tax expense 99,000 83,300 16,500 19,600 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 $550,000 $490,000 Sales Cost of goods sold 324,500 259,700 Selling expenses 88,000 93,100 Administrative expenses 99,000 83,300 Income tax expense 16,500 19,600