1. 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 Calvin Motorsports, Inc., owner and operator of several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways.

   				Current Year			Previous Year
   Revenues:
   	Admissions			$104,728			$118,320
   	Event-related revenue			148,200			138,720
   	NASCAR broadcasting revenue			187,720			178,500
   	Other operating revenue			53,352			74,460
   		Total revenue		$494,000			$510,000
   Expenses and other:
   	Direct expense of events			$102,258			$106,080
   	NASCAR purse and sanction fees			119,054			122,910
   	Other direct expenses			21,242			19,890
   	General and administrative			200,070			232,050
   		Total expenses and other		$442,624			$480,930
   Income from continuing operations				$51,376			$29,070

   a. Prepare a comparative income statement for these two years in vertical form, stating each item as a percent of revenues. Round to one decimal place. Enter all amounts as positive numbers.

   Calvin Motorsports, Inc.
   Comparative Income Statement (in thousands of dollars)
   For the Years Ended December 31
   	Current Year Amount	Current Year Percent	Prior Year Amount
   Revenues:
   Admissions	$104,728		$118,320
   Event-related revenue	148,200		138,720
   NASCAR broadcasting revenue	187,720		178,500
   Other operating revenue	53,352		74,460
   Total revenue	$494,000		$510,000
   Expenses and other:
   Direct expense of events	$102,258		$106,080
   NASCAR purse and sanction fees	119,054		122,910
   Other direct expenses	21,242		19,890
   General and administrative	200,070		232,050
   Total expenses and other	$442,624		$480,930
   Income from continuing operations	$51,376		$29,070