The following comparative income statement (in thousands of dollars) for two recent fiscal years was adapted from the annual report of International Speedway Corporation (ISCA), owner and operator of several major motor speedways, such as Daytona International Speedway and the Talledega Superspeedway.

a. Prepare a comparative income statement for these two years in vertical form, stating each item as a percent of revenues.
b. Comment on the significant changes.

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Revenues: Admissions Event-related revenue Food, beverage, and merchandise Other operating revenue Total revenues Expenses and other: Event-related expenses NASCAR event management fees Food, beverage, and merchandise General and administrative Total expenses and other Income from continuing operations Current Year $ 109,602 508,505 35,669 21,260 $ 675,036 $(145,093) (185,200) (27,278) (224,303) $ (581,874) $ 93,162 Previous Year $ 121,505 491,664 41,293 16,971 $ 671,433 $(134,136) (178,403) (29,593) (233,145) $ (575,277) $ 96,156