Spier Corporation€™s controller has prepared the following vertical analysis for the president.

Required
Sales were $720,000 in 2014 and $800,000 in 2015. Convert the analysis to income statements for the twoyears.

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2015 2014 Sales Cost of goods sold Gross margin Selling and administrative expense Interest expense Total expenses Income before taxes Income tax expense Net income 100.0% 57.0 43.0 18.0 2.8 20.8 22.2 10.0 12.2% 100.0% 54.0 46.0 20.0 4.0 24.0 22.0 8.0 14.0%