A comparative income statement is given below for McKenzie Sales, Ltd. of Tor Last Year $5,586,000 3,513,500 2,072,500 Mckenzie Sales, Ltd. Comparative Income Statement This Year $7,350,000 Cost of goods sold 4,780,eee Gross margin 2,570,000 Selling and administrative expenses: Selling expenses 1,394,000 Administrative expenses 711,580 Total expenses 2,105,500 Net operating income 464,500 Interest expense 98, Net income before taxes $ 366, See 1,073,000 609,500 1,682,50 390,000 91,00 299,00 $ 500 when sales increased Members of the company's board of directors are surprised to see that net income increased by only by $1.764,000 by $1,764,000. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers 0.1234 should be entered as 12.3).) This Year L ast 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