A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: 35:29 BOOK McKenzie Sales, Ltd. Comparative Income Statement This Year Last Year Sales $7,330,000 $5,570,800 Cost of goods sold 4,670,000 3,506,500 Gross margin 2,660,000 2,064,300 Selling and administrative expenses : Selling expenses 1,394,000 1,079,000 Administrative 706,000 609,500 expenses Total expenses 2,100,000 1.688,500 Net operating income 560,000 375,800 Interest expense 104,000 88,000 Net income before taxes $ 456,000 $ 287, 800 Hint Print References Members of the company's board of directors are surprised to see that net income increased by only $168,200 when sales increased by $1,759,200. 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).) Required: 1. Express each year's Income statement in common-size percentages. (Round your percentage answers to 1 decimal place (.e., 0.1234 should be entered as 12.3).) Book Hot Last Year This Year % % % Prim % ferences 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 SAR N