A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement Sales: This Year $ 7,370,000 Last Year $5,601,200 Cost of goods sold 4,600,000 3,515,500 Gross margin 2,770,000 2,085,700 Selling and administrative expenses: 1,390,000 1,072,000 705,500 608,000 2,095,500 1,680,000 Interest expense 674,500 99,000 405,700 93,000 $ 575,500 Selling expenses Administrative expenses Total expenses Net operating income s Net income before taxes $ 312,700 Members of the company's board of directors are surprised to see that net income increased by only $262.800 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 (i.e.. 0.1234 should be entered as 12.3).) Members of the company's board of directors are surprised to see that net income increased by only $262,800 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 (i.e., 0.1234 should be entered as 12.3).) This Year Last Year Sales % % Cost of goods sold % % Gross margin 0.0 % 00% Selling and administrative expenses Selling expenses % % Administrative expenses % Total selling and administrative expenses 00% 0.0 % Net operating income 00% 0.0 % Interest expense % Net income before taxes 00% 00%