A partial list of trend and common-size percentage for ABC Ltd. for years 1 and 2 is given below:

(a) Determine the missing trend and common-size percentages.

(b) Compute the net income for year 2.

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Particulars Trend percentages: Sales (net) Cost of goods sold Gross profit on sales Operating expenses and income taxes Net income Common size percentages: Sales (net) Cost of goods sold Gross profit on sales Operating expenses and income taxes Net income Year 2 120 2222 ? ? ? ? 100 ? 40 20 20 Year 1 100 100 100 100 100 100 ? ? 25 10 = (*20,000)