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 Daytona International Speedway and the Talledega Superspeedway. a. Prepare a comparative income statement for these two years in vertical form, stating each item as a percent of revenues. (Note: Due to rounding, amounts may not total 100%). Round your answers to one decimal place. International Speedway Corporation Comparative Income Statement (in thousands of dollars) For the Years Ended December 31 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