Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Yea $4,000,000 2,280,000 600,000 520,000 240,000 Previous Year Sales Cost of goods sold Selling expenses Administrative expenses Income tax expense a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round to the nearest whole percentage $3,600,000 1,872,000 648,000 360,000 216,000 Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Current year Previous year Amount Previous year Amount Percent Percent Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Operating income Income tax expense Net income $4,000,000 $3,600,000 (2,280,000) (1,872,000) $(600,000) $(648,000) (520,000) (360,000) (240,000) (216,000)