A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement 88s not indicate completio Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total expenses Net operating income Interest expense Net income before taxes This Year $ 7,340,000 4,670,000 2,670,000 Last Year $ 5,578,400 3,514,500 2,063,900 1,390,000 1,079,000 703,000 616,000 2,093,000 577,000 1,695,000 368,900 105,000 $ 472,000 94,000 $ 274,900 Members of the company's board of directors are surprised to see that net income increased by only $197,100 when sales increased by $1,761,600. 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).) Required: 1. Express each year's income statement in common-size percentages (Round your percentage answers to 1 decimal place (i... 0.1234 should be entered as 12.3).) Sales Answer is complete but not entirely correct. This Year 100.0% Last Year 100.0% Cost of goods sold 63.2% 6300% Gross margin 36.8 $6 37.0 Selling and administrative expenses Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense 19.40% 9.70% 19.4% 11.00% 29.1 % 30.4 % 77 S 66 1.4 % 100 N 100% Net income before taxes 63 5.0