A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzio salos, Limited Comparative Income Statement This Year Last Year Sales $ 7,320,000 $ 5,563,200 Cont of goods sold 4,660,000 3,515,500 Gross margin 2.660.000 2,047,200 Selling and administrative expenses Selling expenses 1,395,000 1,077,000 Administrative expenses 708,500 611,000 Total expenses 2,103,500 1.688,000 Net operating income 556,500 359,700 Interest expense 100,000 94,000 Net Income before taxes $ 456,500 $ 265,700 Members of the company's board of directors are surprised to see that net income increased by only $190,800 when sales Increased by $1756,800 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 % 0.01% 0.0 % 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).) Lost Your % This Year % % 0.0 % 0.0 % % Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expenso Net Income before taxes % % % 0.0 % 0.0% % 0.01% 0.01% 0.01% % 0.0%