A comparative Income statement is given below for McKenzie Sales, Ltd., of Toronto: Mckenzie Sales, Ltd. Comparative Income Statement This Year Last Year Sales $7,390,000 $5,616,400 Cost of goods sold 4,710,000 3,514,500 Gross margin 2,680,000 2,101,900 Selling and administrative expenses Selling expenses Administrative expenses 1,388,000 707.500 1,081,500 618.000 Total expenses 2,095,500 1,699,500 Net operating Income Interest expense 584,500 98.000 \402,4001 90.000 Net Income before taxes $ 486,500 $ \312.400 Members of the company's board of directors are surprised to see that net income Increased by only $174.100 when sales increased by $1.773,600. 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).) This Year Last Year 96 96 96 96 96 96 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses Net operating income % 96 96 96 96 96 * 96 R Interest expense 96 95 Net income before taxes 96 96