A comparative Income statement is given below for McKenzie Sales, Limited, of Toronto: Last Year $ 5,601,200 3,509,000 2,092,200 Mokonzio Sales, Limited Comparative Income Statement This Year Sales $ 7,370,000 Cont of goods sold 4,600.000 Gross margin 2,270,000 Selling and administrative expenses Selling expensen 1,388,000 Administrative expenses 708,500 Total expenses 2,096,500 Net operating income 673.500 Interest expense 102,000 Het income before taxes $ 571, 500 1.072,500 613,500 1.686,000 406,200 91.000 $. 315,200 Members of the company's board of directors are surprised to see that net income increased by only $256,300 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 (l.e., 0.1234 should be entered as 12.3).) Answer is complete but not entirely correct. This Year 100.0% 62.0 % % Last Year 1000% 63.03% 370 % 38.0 19.1% Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Inforest expense Net Income before taxes 18.8% 10.0 % 28.8 % 92 % 1,03% 8.2 % R 11.0% 301 % 6.9 % 2.0 % 4.9 % alo