A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto McKenzie Sales, Ltd Comparative Income Statement This Year Last Year Sales Cost of goods sold Gross margin Selling and administrative expenses: $7,330,000 $5,570,800 4,660,0003,512,500 2,058,300 2,670,000 Selling expenses 1,386,000 706,000 1,079,500 608,500 Administrative expenses Total expenses Net operating income Interest expense Net income before taxes 2,092,000. 688 0 578,000 97,000 $ 481,000 370,300 85,000 285,300 Members of the company's board of directors are surprised to see that net income increased by only $195,700 when sales increased by $1,759,200 Required 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e., 01234 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