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 $113,316 $127,224 Event-related revenue 141,645 146,205 NASCAR broadcasting revenue 182,399 172,881 Other operating revenue 59,640 66,690 Total revenues $497,000 $513,000 Expenses and other: Direct expense of events $98,903 $100,548 NASCAR purse and sanction fees 125,741 125,685 Other direct expenses 26,838 29,754 General and administrative 187,369 224,694 Total expenses and other $480,681 $32,319 Income from continuing operations $438,851 $58,149 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: 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) Revenues: For the Years Ended December 31 Current Year Amount Current Year Percent Prior Year Amount Prior Year Percent Admissions Event-related revenue $113,316 % $127,224 % 141,645 % 146,205 % NASCAR broadcasting revenue 182,399 % 172,881 % Other operating revenue 59,640 % 66,690 % Total revenues $497,000 % $513,000 % Expenses and other: Direct expense of events $98,903 % $100,548 % NASCAR purse and sanction fees 125,741 % 125,685 Other direct expenses 26,838 % 29,754 General and administrative 187,369 % 224,694 Total expenses and other Income from continuing operations $58,149 $438,851 % $480,681 % $32,319 b. While overall revenue some between the two years, the overall mix of revenue sources did change somewhat. The NASCAR broadcasting revenue continuing operations has significantly improved because of as a percent of total revenue by 3 percentage points, while the percent of admissions revenue to total revenue by 2 percentage points. Overall, it appears that income from