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: $7,400,000 $5,624,000 4,710,000 3,507.588 2-990 68 2,116,500 1,072,000 608, 500 29791381,680,500 2,690,000 1,374,08e 2,079,500 Selling expenses 705,500 688 Administrative expenses Total expenses Net operating income Interest expense Net income before taxes 436,000 100,00098:00o $ 510,500 346,000 610,500 Members of the company's board of directors are surprised to see that net income increased by only $164,500 when sales increased by $1,776,000 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 $164,500 when sales increased by $1,776,000. 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).) Last Year This 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