Vertical Analysis of Income Statement The following comparative income statement (in thousands of dollars) for two recent fiscal years was adapted from the annual report of Speedway Motorsports, Inc. (TRK), owner and operator of several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways. a. Prepare a comparative income statement for these two years in vertical form, stating each item as a percent of revenues. (Note: Due to rounding, amounts may not total 100%) Round your percentages to one decimal place. Speedway Motorsports, Inc. Comparative Income Statement (in thousands of dollars) Fnr tho Vaare Fndad Naramhar 21 b. Which of the following statements are correct? 1. Overall revenue increased between the two years, with changes in the mix of revenue sources. The NASCAR broadcasting revenue remained stable while admissions revenue decreased as a percentage of total revenue. 2. One of the major expense categories, NASCAR event management fees, remained stable. 3. The Direct expense of events increased, while Other direct expenses remained stable. 4. General and administrative expenses, however, decreased significantly. This decreased general and administrative cost was the driving factor behind the increase in income from continuing operations