A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: Last Year $5,593,600 3,510,500 2,083, 100 McKenzie Sales, Ltd. Comparative Income Statement This Year Sales $ 7,360,000 Cost of goods sold 4,730,000 Gross margin 2,630,000 Selling and administrative expenses: Selling expenses 1,381,000 Administrative expenses 704,000 Total expenses 2,085,000 Net operating income 545,000 Interest expense 105,000 Net income before taxes $ 440,000 1,080,000 609,000 1,689,000 394,100 85,000 309,100 es $ Members of the company's board of directors are surprised to see that net income increased by only $130,900 when sales increased by $1,766,400 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 100.0 % Last Year 100.0% % ht 100.0 % 100.0 % ences Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total seling and administrative expenses Net operating income Interest expense Not Income before taxes % % 0.0 % 100.0 % % 100.0% % % 0.0 % 100.0 % % 100.0%