Vertical Analysis of Income Statement The following comparative income statement (in thousands of dollars) for two recent fiscal yeare 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. Current Year Previous Year Revenues! Admissions Event-related revenue NASCAR broadcasting revenue $90,639 $100,594 136,900 146,950 224,227 217,460 Other operating revenue 60,300 31,320 Total revenue $512,156 $496.463 Expenses and other: Direct expense of events 5(102,786) $[104,303) NASCAR event management f (137,727) (133,682) Other direct expenses (43,784) (19,541) General and administrative (100,063) (205,166) Total expenses and other 8(150,950) 561,196 $(542,692) 5(45,228) Income from continuing operations 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) For the Years Ended December 31 Current Year Current Year Prior Year Prior Year Amount Percent Amount Percent Revenues: Admissions $90,639 56 $100,694 % Event-related revenue 136,900 146,980 % NASCAR broadcasting revenue 224,227 217,459 % Other operating revenue 50,390 56 31,320 % Total revenues $512,156 $5 $496,463 % Expenses and other Direct expense of event $(102,786) $[104,303) NASCAR event management fees (137,727) (133,602) Other direct expenses (43,784) [19,541) General and administrative (165,553) (285,155) Total expenses and other $(450,960) Income from continuing operations $51,196 $(542,692) $[46,229) 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 net was the driving factor behind the increase in income from continuing operations