E14-16A Prepare a common-size income statement (Learning Objective 3) Prepare a comparative common-size income statement for Jubilee Corporation. To an investor, how does 2017 compare with 2016? Explain your reasoning. Jubilee Corporation Income Statement For the Years Ended December 31, 2017 and 2016 (amounts in thousands 2017 4 2016 6 Sales revenues 7 Less: Cost of 8 Gross profit 5 494 208TS 429,000 160,000 269,000 135,000 134,000 6,000 128,000 24,000 104,000 goods sold 72,640 321,568 5 143,370 178,198 5 9 Less: Operating expenses 10 Operating income 11 Less: Interest expense 12 Income before income taxes 7,500 13 Less Income tax expense 14 Net income 15 170,698 33,990 136,708