A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie Sales, Ltd. Comparative Income Statement This Year Last Year Sales $8,000,000 $6,000,000 Cost of goods sold 4,984,000 3,516,000 Gross margin 3,016,000 2.484,000 Selling and administrative expenses: Selling expenses Administrative expenses 1,480,000 712,000 1,092,000 618,000 Total expenses 2,192,000 1,710,000 Net operating income Interest expense Net income before taxes 824,000 96,000 774,000 84,000 $ 728,000 $ 690,000 Members of the company's board of directors are surprised to see that net income Increased by only $38,000 when sales increased by two million dollars. 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 $38,000 when sales increased by two million dollars. 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 100.0 % % 100.0 % Last Year 100.0% % 100.0 % % % Sales Cost of goods sold Gre margin Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net Income before taxes % 0.0 % 0.0 % 100.0 % % 100.0 % 100.0 % % 100.0 %