A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: Mckenzie Sales, Limited Comparative Income Statement Sales This Year $ 7,380,000 4,780,000 Last Year $ 5,608,800 3,510,000 2,098,800 Cost of goods sold Gross margin 2,600,000 6:33 Selling and administrative expenses: Selling expenses 1,373,000 1,074,500 Administrative expenses 707,000 608,500 Total expenses 2,080,000 1,683,000 Net operating income 520,000 415,800 86,000 Interest expense 101,000 Net income before taxes $ 419,000 $ 329,800 ces Members of the company's board of directors are surprised to see that net income increased by only $89,200 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 (i.e.. 0.1234 should be entered as 12.3).) 14 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 This Year alat % % 0.0 % ****** % % 0.0 % 0.0 % 0.0 % % Last Year % % 0.0 % % % 0.0 % 0.0 % % 0.0 %