Check my wo A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto Conparative Incone Statement This Sales Cost of goods sold Gross margin Selling and administrative expensess $7,380,000 $5,608,800 .660,0003 515 500 2,093,300 3,720,000- Selling expensers 1,384,000 1,079,500 614,000 Administrative expenses Total expenser8 Net operating income Interest expense Net income before taxes -7088.500 1,693,500 630, 500 399,800 98,0009000 $ 532,500 309,800 of the company's board of directors are surprised to see that net income increased by only $222,700 when sales increased by $1,771,200 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 Cost of goods sold Gross margin Selling and administrative expenses: 001% 001% Net income before taxes $532,500 $ 309,800 Members of the company's board of directors are surprised to see that net income increased by only $222700 when sales increased by $1,771,200 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 YearLast Year Sales Cost of goods sold Gross margin Selling and administrative expenses: 0.01% 0.01% Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes 0.01% 001% 0.01% 0.01% 0.01% 001%