A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: Last Year $5,548,000 3,511,000 2,037,000 ok Mckenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,300,000 Cost of goods sold 4,680, eee Gross margin 2,620,000 Selling and administrative expenses: Selling expenses 1,390,000 Administrative expenses 704,000 Total expenses 2,094,000 Net operating income 526,000 Interest expense 101, eco Net income before taxes $ 425,000 ot 1,078,000 613,000 1,691, eee 346,000 93,000 $ 253,000 nces Members of the company's board of directors are surprised to see that net income increased by only $172,000 when sales increased by $1,752,000. 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 (i.e., 0.1234 should be entered as 12.3).) This Year Last Year Sales % % % % k 0.0 % 0.0 % % % 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 % ces % 0.0 % 001% 0.0 % 0.0 % % % 0.0 % 0.0 %