3.00 points Exercise 15-1 Common-Size Income Statement [LO15-1 A comparative income statement is given below for McKenzie Sales, Ltd, of Toronto McKenzie Sales, Ltd Income Statenent This Year $7 380,000 4 690 000 Last Year $5 608,800 3,509.500 Sales Cost of goods sold Gross margin Seling and administrative expenses: 2,690,000 2,099,300 Selling expenses Administrative expenses 1,373,000 1077500 T06,500608,000 Total expenses 2,079 500 1,685,500 Net operating income 610,500413 800 84,000 nterest expense 101 000 Net income before taxes S 509.500 329 800 Members of the company s board of directors are surprised to see that net income increased by 5179.700 when sales increased by 51 721 200 Required: 1 Express each year's income statement in common-size percentages (Round your answers to 1 declimal place 0:2hould be entered as 123) Type here to search