A comparative Income statement is given below for McKenzie Soles, Ltd., of Toronto: Tinnt Year $5,590,800 3,509,000 2,061,800 Morena Balanta Comparative the statement This Year Sales $7,330,000 Cont of goods sold 4.700.000 Gross margin 2,630,000 Selling and administrative expenses Selling expenses 1,396,000 Administrative expenses 205,000 Total expenses 2.101,000 Net operating income 529,000 Interest expense 105,000 Net Income before taxes 424,000 1,077,500 627,000 1,694,500 367,300 89,000 $ 270,300 Members of the company's board of directors are surprised to see that net Income Increased by only $145,700 when sales increased by $1,759,200 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).) Last Year This Year % % % % % % % 94 Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses Administrative expenses Total selling and administrative expenses Net operating incomo Interest expense Net income before taxes % % % % % STRA