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 Event-related revenue NASCAR broadcasting revenue Other operating revenue $98,880 142,080 185,280 53,760 $111,192 145,632 175,152 60,024 Total revenues $480,000 $492,000 Expenses and other: Direct expense of events NASCAR purse and sanction fees $98,400 122,400 $97,908 126,936 16,800 25,092 Other direct expenses General and administrative Total expenses and other 182,400 219,432 $420,000 $469,368 Income from continuing operations $60,000 $22,632 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 $98,880 $111,192 Event-related revenue 142,080 145,632 % NASCAR broadcasting revenue 185,280 175,152 Other operating revenue 53,760 60,024 Total revenues $480,000 % $492,000 % Expenses and other Direct expense of events $98,400 $97,908 NASCAR purse and sanction fees 122,400 126,936 Other direct expenses 16,800 % 25,092 General and administrative 182,400 219,432 Total expenses and other $420,000 $469,368 Income from continuing operations $60,000 $22,632 % % % % % % % % % % % %