1 2 3 Using the income statement shown below for Mantra Corporation for 2019 and 2018, prepare common-size income statement for 4 5 6 7 Matra Corporation Income Statement 8 9 10 11 Sales 12 Cost of Goods Sold 13 Gross Profit 14 Selling and general expenses 15 Operating income 16 Interest expense 17 Income before income taxes 18 Income taxes 19 Net Income 2019 $950,000 $595,000 $355,000 $ 115,000 $240,000 $45,000 $195,000 $72,000 $123,000 2018 $600,000 $325,000 $275,000 $94,000 $181,000 $35,000 $146,000 $57,000 $89,000 20 21 22