A comparative income statement is given below for McKenzie Sales, Ltd. of Toronto Last Year $5.555,600 3,511,000 2.044,600 ackenzie Sales, Ltd Comparative Income Statement This Year Sales $7,319,000 Cost of goods sold 4.730.000 Gross margin 2,580,00 Selling and administrative expenses Selling expenses 1,389.000 Administrative expenses 703,000 Total expenses 2,097,000 Net operating Income 483.000 Interest expense 103,eee Net Income before taxes $ 380,000 1,080,500 612,500 1,693, 000 351,600 91, eee $ 260,600 Members of the company's board of directors are surprised to see that net income increased by only $119.400 when sales increased by $1.754.400. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (ie. 0.1234 should be entered as 12.3).) This Year 100.0% 63.91% 36.1 % Last Year 100.0 63.21% 368 % 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 19.11% 9.6% 28.7 % 74% 14% 60% 19.31% 11.01% 30.3% 6.5% 1.5% 5.01%