706,000 A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income statement This Year Last Year Sales $ 7,360,000 $ 5,593,600 Cost of goods sold 4,690,000 3,513,500 Gross margin 2,670,000 2,080,100 Selling and administrative expenses: Selling expenses 1,387,000 1,073,000 Administrative expenses 617,500 Total expenses 2,093,000 1,690,500 Net operating income 577,000 389,600 Interest expense 99,000 87,000 Net income before taxes $ 478,000 $ 302,600 Members of the company's board of directors are surprised to see that net income increased by only $175,400 when sales increased by $1,766,400. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) This Year Last Year % % % % % Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes RRR % % % sellele % % % % % % % %