A comparative income statement is given below for McKenzie Sales, Ltd. of Toronto Last Year 55,578,400 3.515. See 2,062,900 Mckenzie Sales, Ltd. Comparative Incone Statenent This Year Sales $7,348,000 Cost of goods sold 4,700,00 Gross margin 2,640,000 Selling and administrative expenses: Selling expenses 1,392,000 Administrative expenses 203,500 Total expenses 2,005,500 Net operating income 544,500 Interest expense 103,eee Net income before taxes 5441,500 1,251,000 614,500 367,400 $ 274,460 Members of the company's board of directors are surprised to see that net income increased by only $167100 when sales increased by S1761600 Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i... 0.1234 should be entered as 12.3).) This Year 1000 60 01 Last Year 1000 500S 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 20.01 30.05 30.01 10.01 200 10.05 300 10.05 00 100 1005