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., owner and operator of several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways. Current Year Previous Year Revenues: Admissions $78,332 $86,949 Event-related revenue 140,210 133,632 NASCAR broadcasting revenue 216,592 209,155 Other operating revenue 26,780 28,622 Total revenues $461,914 $458,358 Expenses and other $98,973 119,101 Direct expense of events NASCAR event management fees Other direct operating expenses General and administrative Total expenses and other Income from continuing operations $101,876 123,212 18,502 164,949 18,782 177,132 $408,539 $413,988 $53,375 $44,370 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. Speedway 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 $78,332 % $86,949 96 140,210 % % 133,632 209,155 216,592 % % 26,780 % 28,622 9 $461,914 % $458,358 % Event-related revenue NASCAR broadcasting revenue Other operating revenue Total revenues Expenses and other Direct expense of events NASCAR event management fees Other direct operating expenses General and administrative Total expenses and other Income from continuing operations $101,876 % $98,973 % % 119,101 % 123,212 18,502 % 18,782 96 164,949 % 177,132 96 $408,539 % $413,988 % 553,375 % $44,370 % b. Overall revenue some between the two years, accompanied by a slight change in the overall mix of revenue sources. The NASCAR broadcasting revenue by 1.3% of total revenue, while event-related revenue by 1.2% of total revenue. NASCAR event management fees, by 0.7% of total revenue. General and administrative expenses, however, by over 2.9% of total revenue. It appears that has helped the company Significantly improve its income from continuing operations