2 A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: 25 points McKenzie Sales, Limited Comparative Income Statement Sales Cost of goods sold Gross margin 042330 Selling and administrative expenses Selling expenses Total expenses Net operating incone Administrative expenses This Year $7,320,000 4,660,000 2,660,000 Last Year $ 5,563,200 3,511,000 2,052,200 1,377,000 1,073,000 703,000 600,000 2,080,000 1,681,000 580,000 371,200 101,000 $479,000 Interest expense Block Net income before taxes P 10 10 91,000 $ 280,200 Members of the company's board of directors are surprised to see that net income increased by only $198,800 when sales increased by $1,756,800 Required: 1 Express each year's income statement in common-size percentages. (Round your percentage answers to 14 0.1234 should be entered as 12.3).) to 1 decimal place (... Sales Cost of goods sold Gross margin Selling and administrative expenses This Year Last Year Selling expenses % Administrative expenses % % Total selling and administrative expenses % % Net operating income % % Interest expense %6 % Net income before taxes %