A comparative income statement is given below for McKenzie Sales, Ltd. of Toronto Last Year $5,563,200 3,511,500 2,051,700 McKenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,320, eee Cost of goods sold 4,620,000 Gross margin 2,780, eee Selling and administrative expenses: Selling expenses 1,383,000 Administrative expenses 704,000 Total expenses 2,087,000 Net operating income 613,000 Interest expense 103,000 Net income before taxes $ 510,000 1,073,500 611,000 1,684,500 367,200 91,000 $ 276,200 Members of the company's board of directors are surprised to see that net income increased by only $233,800 when sales increased by $1756,800 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 %6 % 0.01% 0.0 % % 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 2 1% % 0.0 % 0.0196 0.01% 0,0% 96 0.0% 0.09