Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:

_____________________________Current Year             Previous Year

Sales.......................................$4,000,000......................$3,600,000

Cost of goods sold........................2,280,000..................1,872,000

Selling expenses..............................600,000.....................648,000

Administrative expenses....................520,000..................360,000

Income tax expense..........................240,000................... 216,000

A. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. (Round to the nearest whole percentage.)

B. Comment on the significant changes disclosed by the comparative income statement.