Common-size statement analysis A common-size income statement for Creek Enterprises' 2018 operations follows. Using the firm's 2019 income statement develop the 2019 common-size income statement and compare it to the 2018statement. Which areas require further analysis and investigation? Complete the common-size income statement for the year ending December 31, 2019 and compare it to the common-size Income statement for the year ending December 2018: (Round to one decimal place.) Creek Enterprises Common-Size Income Statement for the Years Ended December 31, 2018 and December 2019 2019 2018 i 100.0 % 65.9 34.1 % 20 12.7% 6.3 0.6 Sales revenue Less: Cost of goods sold Gross profits Less: Operating expenses Selling expense General and administrative expenses Lease expense Depreciation expense Total operating expense Operating profils Less: Interest expense Net profits before taxes Less: Taxes (rate=40%) Net profits after taxes Less: Preferred stock dividends 3.6 23.2 10.9% 1.5 9.4 % 3.8 5.8 % 0.1 av Data table Data table eit 100.0 % 65.9 34.1 % (Click the icon here in order to copy the contents of the data table below into a spreadsheet.) Creek Enterprises Income Statement for the Year Ended December 31, 2018 Sales revenue ($35,000,000) Less: Cost of goods sold Gross profits Less: Operating expenses Selling expense 12.7 % General and administrative expenses 6.3 Lease expense 0.6 Depreciation expense 3.6 Total operating expense Operating profits Less: Interest expense Net profits before taxes Less: Taxes (rate = 40%) Net profits after taxes Less: Preferred stock dividends Earnings available for common stockholders (Click the icon here in order to copy the contents of the data table below into a spreadsheet.) Creek Enterprises Income Statement for the Year Ended December 31, 2019 Sales revenue $30,000,000 Less: Cost of goods sold 21,000,000 Gross profits $9,000,000 Less: Operating expenses Selling expense $3,000,000 General and administrative expensos 1,800,000 Lease expense 200,000 Depreciation expense 1,000,000 Total operating expense 6,000,000 Operating profits $3,000,000 Less: Interest expense 1,000,000 Net profits before taxes $2,000,000 Less: Taxes (rate= 40%) 800,000 Net profits after taxes $1,200,000 Less: Preferred stock dividends 100,000 Earnings available for common stockholders $1,100,000 23.2 10.9 % 1.5 9.4 % 3.8 5.6 % 0.1 5.5 % Print Done Print Done 3.8 Less: Taxes (rate = 40%) Net profits after taxes % 5.6 %