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 Total revenues $107,932 146,652 175,208 54,208 $484,000 $121,257 153,193 165,668 58,882 $499,000 $100,188 $96,307 116,644 128,243 Expenses and other: Direct expense of events NASCAR purse and sanction fees Other direct expenses General and administrative Total expenses and other Income from continuing operations 24,684 188,276 $429,792 23,453 217,065 $465,068 $54,208 $33,932 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 $107,932 $121,257 Event-related revenue 146,652 153,193 NASCAR broadcasting revenue 175,208 165,668 Other operating revenue 54,208 58,882 Total revenues $484,000 $499,000 Expenses and other: Direct expense of events $100,188 $96,307 NASCAR purse and sanction fees 116,644 128,243 Other direct expenses 24,684 23,453 General and administrative 188,276 217,065 Total expenses and other $429,792 $465,068 Income from continuing operations $54,208 $33,932