A comparative income statement is given below for McKenzie Sales, Limited, of Toronto Mckenzie Sales, Lixited Comparative Income Statement Sales This Year $ 7,300,000 Last Year $5,000,000 Cost of goods soldi Gross margin 4,640,000 2,740,000 3,513,500 2,095,300 Selling and administrative expenses: Selling expenses Total expenses Net operating Income Interest expense 1,391,000 1,062,000 Administrative expenses 704,500 612,500 2,095,500 1,694,500 644,500 400,000 104,000 90,000 Net income before taxes $540,500 Check $310,000 Members of the company's board of directors are surprised to see that net income increased by only $229,700 when sales increased by $1,771,200. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (ie., 0.1234 should be entered as 12.3).) Sales Cost of goods sold Gross margin This Year Last Year 00% 00% 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).) Sales This Year Last Yea Cost of goods sold % Gross margin 00 % 90% Selling and administrative expenses Selling expenses % Administrative expenses % Total selling and administrative expenses 00% 0.0 % Net operating income 00 % 00% Interest expense 00% Net income before taxes