Prepare a comparative common-size income statement for Jubilee Corporation. To an investor, how does the current year compare with the prior year? Explain your reasoning.

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1 2 3 Jubilee Corporation Income Statement For the Years Ended December 31 4 5 6 Sales revenues $ 494,208 $ (amounts in thousands) Current year Prior year 429,000 7 Less: Cost of goods sold 172,640 160,000 8 Gross profit $ 321,568 $ 269,000 9 Less: Operating expenses 143,370 135,000 10 Operating income $ 178,198 $ 134,000 11 Less: Interest expense 7,500 6,000 12 Income before income taxes $ 170,698 $ 128,000 13 Less: Income tax expense 33,990 24,000 14 Net income 15 S 136,708 S 104,000