A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie Sales, Ltd. Comparative Income Statement This Year Last Year Sales $7,370,000 $5,601,200 Cost of goods sold 4,700,000 3,510,500 Gross margin 2,670,000 2,690,700 Selling and administrative expenses: Selling expenses 1,371,000 1,080,500 Administrative expenses 708,000 615,500 Total expenses 2,879,000 1,696,000 Net operating income 591,000 394,700 Interest expense 102,000 90,000 Net incone before taxes $ 489,000 $ 304,700 Members of the company's board of directors are surprised to see that net income increased by only $184,300 when sales increased by $1768,800 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 Gross margin Selling and administrative expenses Selling expenses Administrative expenses Total selling and administrative expenses * % % Members of the company's board of directors are surprised to see that net income increased by only $184,300 when sales increased by $1,768,800 Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (.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 % % % % % %