A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: Last Year $5,608,800 3,508, eee 2,100,800 Mckenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,380,000 Cost of goods sold 4,590,000 Gross margin 2,790,000 Selling and administrative expenses: Selling expenses 1,390,000 Administrative expenses 708,000 Total expenses 2,098,000 Net operating income 692,000 Interest expense 101,000 Net income before taxes $ 591,000 1,074,00 611,500 1,685,500 415, 300 90,000 $ 325, 300 Members of the company's board of directors are surprised to see that net income increased by only $265,700 when sales increased by $1,771,200. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (l.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 % % % % Members of the company's board of directors are surprised to see that net income increased by only $265,700 when sales increased by $1771,200 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 % % % % % % % %