A comparative Income statement is given below for McKenzie Sales, Limited, of Toronto Mckenzie Sales, Limited Comparative Income Statement This Year Last Year Sales 57,400,000 $ 5,624,000 Cost of goods sold 4,740.000 3.510,500 Gross margin 2,660,000 2,111,500 Selling and administrative expenses: Selling expenses 1,380,000 1,074,000 Administrative expenses 710,000 612,000 Total expenses 2,098,00 1,686,000 Net operating income 562,000 427.500 Interest expense 102.000 89,000 Net Income before taxes $ 460,000 $ 338,500 Members of the company's board of directors are surprised to see that net income increased by only $121,500 when sales increased by $1776,000 Required: 1. Express each year's income statement in common-size percentages (Round your percentage answers to 1 decimal place lice 0.1234 should be entered os 12.3).) This Year Last Year % 4 % % 0.0% 0.01% % Sales Cost of goods sold Gross margin Seling and administrative expenses Selling expenses Administrative expenses Total selling and administrative expenses Net operating Income Interest expense Net Income before taxes % 00% 00% % 0.01% % X 001% 0.01% 00%