A comparative Income statement is given below for McKenzie Sales, Ltd., of Toronto: Last Year $5.624.000 3,515,500 2,108,500 points McKenzie Sales, Ltd. Comparative Income Statement This Year Sales $ 7,400,000 Cost of goods sold 4,770,000 Gross margin 2.630,000 Selling and administrative expensest Selling expenses 1,375,000 Administrative expenses 711,500 Total expenses 2,086,500 Net operating income 543, 500 Interest expense 104,000 Net Income before taxes $ 439,500 (8 03:12:57 1,080,000 614,000 1,694,000 414,500 92.000 $ 322,500 took References Members of the company's board of directors are surprised to see that net income increased by only $117,000 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 flie, 0.1234 should be entered as 12.3).) Members of the company's board of directors are surprised to see that net income increased by only $117.000 when sales increased by $1,776,000 ponts 8 02:12 Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (le 0.1234 should be entered as 12.3).) This Year Last Year Sales 0000% Cost of goods sold Gross margin Selling and d r ive expenses Seling expenses Administrive expenses Total selling and wri tive expenses Net operating income stepen Netcomes 00