Check my work A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: Last Year $5,578,400 3,508,500 2,069,900 McKenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,340,000 Cost of goods sold 4,710,000 Gross margin 2,630,000 Selling and administrative expenses: Selling expenses 1,384,000 Administrative expenses 205.500 Total expenses 2,089,500 Net operating income 540,500 Interest expense 103,000 Net income before taxes $ 437,500 1,074,500 6 16.500 1,691,000 378,900 88,000 $ 290,900 Members of the company's board of directors are surprised to see that net income increased by only $146,600 when sales increased by $1,761,600. 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