12. Revenue and expense data for Truth Corp. for two recent years are as follows: Sales $2,885,000 Cost of merchandise sold Current Year Year $3,445,000 1,238,000 1,281,000 Selling expenses 472,000 349,000 Administrative expenses 350,000 287,000 Income tax expense 224,000 119,000 Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round to the nearest whole percentage. Prior