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 $404,000 $351,000 Cost of goods sold 254,520 203,580 Selling expenses 60,600 59,670 Administrative expenses 64,640 52,650 Income tax expense 8,080 14,040 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 $404,000 $351,000 Cost of goods sold 254.520 203,580 Selling expenses 60.600 Administrative expenses 64 Income tax expense by 5 percentage points, while selling expenses by 2 percentage points, and administrative expenses by 1 percentage points. Thus, net income as a percent of sales b. The vertical analysis indicates that the cost of goods sold as a percent of sales by 2 percentage points