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 $104,092 $116,928 Event-related revenue 144,144 146,809 178,724 NASCAR broadcasting revenue 168,336 74,592 Other operating revenue 61,375 Total revenues $491,000 $504,000 $102,312 Expenses and other: Direct expense of events NASCAR purse and sanction fees Other direct expenses $99,182 125,205 124,488 21,113 26,712 223,776 General and administrative 191,490 Total expenses and other $436,990 $477,288 Income from continuing operations $54,010 $26,712 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) For the Years Ended December 31 Current Year Amount Current Year Percent Prior Year Amount Prior Year Percent Revenues: Admissions $104,092 $116,928 Event-related revenue 146,809 144,144 NASCAR broadcasting revenue 178,724 168,336 Other operating revenue 61,375 74,592 Total revenues $491,000 $504,000 Expenses and other: |00000 00000 tdddd dddddil Direct expense of events $99,182 $102,312 NASCAR purse and sanction fees 125,205 124,488 Other direct expenses 21,113 26,712 General and administrative 191,490 223,776 Total expenses and other $436,990 $477,288 Income from continuing operations $54,010 $26,712