Year Previous Year Sales $570,000 $507,000 Cost of merchandise sold 307,800 233,220 Selling expenses 102,600 111,540 Administrative expenses Income tax expense 114,000 17,100 96,330 25,350 a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Sales Cost of merchandise sold Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Amount Current year Percent Previous year Amount Previous year Percent Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Income tax expense Net income $570,000 100 % $507,000 100 % 307,800 54 % 233,220 % 262,200 V 46 % 273,780 " 102,600 114,000 18% 111,540 20 % 96,330 19 36 216,600 V 33 X% 207,870 V % % 182,520 X " 17,100 3 % 25,350 "