Exercise 14-4 Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue $750,000 467,250 Cost of goods sold Selling expenses Administrative expenses Income tax expense 117,750 59,250 30,750 75,000 $603,000 385,920 68,139 51,255 24,723 72,963 Net income Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round answers to 1 decimal place, e.g. 48.5%.) JOSHUA CORPORATION Condensed Income Statements For the Years Ended December 31 2020 2019 Amount Percent Amount Percent Sales revenue $750,000 $603,000 Cost of goods sold 467,250 385,920 Gross profit 282,750 217,080 Selling expenses 117,750 68,139 Administrative expenses 59,250 51,255 Total operating expenses 177,000 119,394 Income before income taxes 105,750 97,686 Income taxes expense 30,750 24,723 Net income $75,000 $72,963 Click if you would like to Show Work for this question: Open Show Work