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 $99,348 $112,896 Event-related revenue 136,360 142,128 NASCAR broadcasting revenue 162,792 171,911 79,381 Other operating revenue 86,184 Total revenue $487,000 $504,000 Expenses and other: Direct expense of events $101,783 $97,776 NASCAR purse and sanction fees 126,133 124,488 Other direct expenses 22,889 30,240 General and administrative 178,729 226,296 Total expenses and other $429,534 $478,800 Income from continuing operations $57,466 $25,200 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 Prior Year Percent Revenues: Admissions $99,348 $112,896 % % % 136,360 142,128 % Event-related revenue NASCAR broadcasting revenue 171,911 % 162,792 % Other operating revenue 79,381 % % 86,184 % $487,000 % $504,000 % Total revenue Expenses and other: Direct expense of events NASCAR purse and sanction fees $101,783 % $97,776 % 126,133 % 124,488 % Other direct expenses 22,889 % 30,240 % General and administrative 178,729 % 226,296 % Total expenses and other $429,534 % $478,800 % Income from continuing operations $57,466 % $25,200 %