A comparative income statement is given below for McKenzie Sales, Ltd. of Toronto Last Year 35,624,000 3,511,500 2. 112,500 McKenzie Sales, Ltd. Comparative Income Statement This Year Sales 57,400, een Cost of goods sold 4,650,000 Gross margin 2,750,000 Selling and administrative expenses : Selling expenses 1,377,000 Administrative expenses 710,000 Total expenses 2,887,000 Net operating income 663,000 Interest expense 106,000 Net Income before taxes S557,000 1,077,500 611,000 1,688,500 424,089 90,000 $ 334,000 Members of the company's board of directors are surprised to see that net income increased by only $223,000 when sales increased by $1776,000 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). Last Year Sales This Year 9 98 0.0156 Cost of goods sold Gross margin Selling and administrative expenses 06 00195 L 989 search Net income before taxes $ 557,00 $ 334,600 Members of the company's board of directors are surprised to see that net income increased by only $223,000 when sales increased by $1.776,000 Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place lie.. 0.1234 should be entered as 12.3).) This Year % Last Year % % 0.01% %6 0.0% % Sales Cost of goods sold Gross margin Selling nd administrative expenses Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes 96 009 36 96 0.0 % 0.0 % 96 0.01% 0.01% 96 0.019