1. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round your percentages to one decimal place. Enter all amounts as positive numbers. Question not attempted. Score: 0/76 Indigo Company Comparative Income Statement For the Years Ended December 31, 2016 and 2015 1 2016 2016 2015 2015 2 Amount Percent Amount Percent 3 Sales $890,000.00 $600,000.00 4 Cost of goods sold 320,400.00 228,000.00 5 Gross profit $569,600.00 $372,000.00 6 Selling expenses $142,400.00 $84,000.00 7 Administrative expenses 62,300.00 54,000.00 8 Total operating expenses $204,700.00 $138,000.00 9 Income from operations $364,900.00 $234,000.00 10 Other income 80,100.00 54,000.00 11 Income before income tax $445,000.00 $288,000.00 12 Income tax expense 231,400.00 156,000.00 13 Net income $213,600.00 $132,000.00