The following percentages apply to Thornton Company for 2018 and 2019:
___________________________________________2019 2018
Sales......................................................... 100.0%....................... 100.0%
Cost of goods sold.......................................... 61.0........................ 64.0
Gross margin................................................. 39.0.........................36.0
Selling and administrative expense........................26.5........................ 20.5
Interest expense............................................. 2.5........................... 2.0
Total expenses............................................. 29.0..........................22.5
Income before taxes....................................... 10.0..........................13.5
Income tax expense..........................................5.5.......................... 7.0
Net income................................................... 4.5%.............................. 6.5%
Required
Assuming that sales were $800,000 in 2019 and $960,000 in 2019, prepare income statements for the two years