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 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 $102,201 $115,874 Event-related revenue 142,299 142,186 NASCAR broadcasting revenue 177,018 167,992 Other operating revenue 67,482 79,948 Total revenue $489,000 $506,000 Expenses and other: Direct expense of events $99,756 $98,670 NASCAR event management fees 118,338 123,464 Other direct operating expenses 28,362 15,180 General and administrative 184,353 241,868 Total expenses and other $430,809 $479,182 Income from continuing operations $58,191 $26,818 Question Content Area 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 $102,201 fill in the blank 37536b092f92fa6_1 % $115,874 fill in the blank 37536b092f92fa6_2 % Event-related revenue 142,299 fill in the blank 37536b092f92fa6_3 % 142,186 fill in the blank 37536b092f92fa6_4 % NASCAR broadcasting revenue 177,018 fill in the blank 37536b092f92fa6_5 % 167,992 fill in the blank 37536b092f92fa6_6 % Other operating revenue 67,482 fill in the blank 37536b092f92fa6_7 % 79,948 fill in the blank 37536b092f92fa6_8 % Total revenue $489,000 fill in the blank 37536b092f92fa6_9 % $506,000 fill in the blank 37536b092f92fa6_10 % Expenses and other: Direct expense of events $99,756 fill in the blank 37536b092f92fa6_11 % $98,670 fill in the blank 37536b092f92fa6_12 % NASCAR event management fees 118,338 fill in the blank 37536b092f92fa6_13 % 123,464 fill in the blank 37536b092f92fa6_14 % Other direct operating expenses 28,362 fill in the blank 37536b092f92fa6_15 % 15,180 fill in the blank 37536b092f92fa6_16 % General and administrative 184,353 fill in the blank 37536b092f92fa6_17 % 241,868 fill in the blank 37536b092f92fa6_18 % Total expenses and other $430,809 fill in the blank 37536b092f92fa6_19 % $479,182 fill in the blank 37536b092f92fa6_20 % Income from continuing operations $58,191 fill in the blank 37536b092f92fa6_21 % $26,818 fill in the blank 37536b092f92fa6_22 % Feedback Area Feedback a. For each year, show each item as a percentage of total revenues. Question Content Area 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 admissions revenue to total revenue decreased by 2 percentage points. Overall, it appears that income from continuing operations has significantly improved because of aggressive cost cutting . Feedback Area Feedback