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 International Speedway Corporation (ISCA), owner and operator of several major motor speedways, such as Oaytona International Speedway and the Tolledega Superspeedway. For the Years Ended December 31 Line Item Description Revenues: Admissions Event-related revenue Food, beverage, and merchandise Other operating revenue Total revenues Expenses and other: Event-related expenses NASCAR event management fees Food, beverage, and merchandise General and odministrative Total expenses and other Income from continuing operations Current Year Current Year Percent Amount $109,602 508,505 35,669 % 21,260 % $675,036 \% $(145,093) (185,200) (27,278) (224,303) $(581,874) $93,162 Previous Year Amount Previous Year Percent 3121,505 491,664 41,2/23 16,971 $671,433 $(134,136) (178,403) (29,593) (233,145) $(575,277) $96,156 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 event-related revenue increased, while admissions revenue decreased in total revenue. 2. One of the major expense categories, NASCAR event management fees, increased slightly in total revenue. 3. The event-related expenses decreased, while food, beverage, and merchandise expense increased in total revenue, General and administrative expenses increased in total revenue. 4. Overall, income from continuing operations decreased