A comparative income statement is given below for McKenzie Sales, Ltd. of Toronto Last Year 55,616,400 3.500.500 2107,900 McKenzie balos, Ltd. Comparative Income Statement This Year Sales $7,390,000 Cont of goods sold 4.710.000 Gross margin 2,600,000 Selling and administrative expenses Selling expenses 1,376,000 Administrative expensen 703,500 Total expenses 2,079,500 Het operating income 600.500 Interest expense 102,000 Not income before taxes $ 498,500 1.073,500 600.500 1.682,000 425,900 89,000 5 336,900 Members of the company's board of directors are surprised to see that net income increased by only $161600 when sales increased by $1,773,600 Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (le.. 0.1234 should be entered as 12.3).) This Year Last Year % % Sales Cost of goods sold Drew 1 of 3 11: Next > Not income before taxes S 498,500 $ 336,900 Members of the company's board of directors are surprised to see that net income increased by only $161,600 when sales increased by $1773,600 Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (.. 0.1234 should be entered as 12.3).) Last Year % This Year % % 0.0% % 0.0 % % 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 % % % 0.01% 0.01% 0.0 % % 0.01% % 0.01% 0.01%