Vertical Analysis of Income Statement The following comparative income statement in thousands of dollars) for the two recent fiscal years was adapted from the annual report of Motor Speedways Inc., owner and operator of several major motor speedways. Current Year Previous Year Revenues: Admissions $103,168 $116,508 Event-related revenue 143,840 137,970 NASCAR broadcasting revenue 189,968 180,383 Other operating revenue 59,024 76,139 Total revenues $496,000 $511,000 Expenses and other: Direct expense of events $100,192 $104,755 128,261 NASCAR purse and sanction fees 123,504 Other direct expenses 27,776 19,929 General and administrative 194,432 228,417 Total expenses and other $445,904 $481,362 Income from continuing operations $50,096 $29,638 a. Prepare a comparative income statement for these two years in vertical form, stating each item as a percent of revenues. Enter all amounts as positive numbers. (Note: Due to rounding, amounts may not total 100%). Round your percentages to one decimal place. Due to rounding differences, you will need to: Round your percentages to one decimal place. Due to rounding differences, you will need to: 1. Calculate total expenses and other percentage by adding the expense percentages 2. Calculate the income from continuing operations percentage by deducting total expenses and other percentage from total revenue percentage. Motor Speedways Inc. Comparative Income Statement in thousands of dollars) For the Years Ended December 31 Current Year Amount Current Year Percent Prior Year Amount Prior Year Percent Revenues: Admissions x $103,168 $116,508 x Event-related revenue 143,840 137,970 NASCAR broadcasting revenue 189,968 180,383 x x Other operating revenue 59,024 76,139 $496,000 $511,000 Total revenues Expenses and other: Direct expense of events X $100,192 $104,755 x 123,504 X NASCAR purse and sanction fees 128,261 x Other direct expenses 27,776 X 19,929 x X General and administrative 194,432 228,417 x || Total expenses and other $445,904 $481,362 Income from continuing operations $50,096 $29,638 X % b. While overall revenue decreased some between the two years, the overall mix of revenue sources did change somewhat. The NASCAR broadcasting revenue increased as a percent of total revenue by 3 percentage points, while the percent of