Exercise 18-04 Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income $753,000 469,872 115,209 63,252 29,367 75,300 $605,000 392,040 71,390 57,475 24,200 59,895 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 Amount Percent Amount 2019 Percent Sales revenue $753,000 % $605,000 % Cost of goods sold 469,872 392,040 % % Gross profit 283,128 212,960 % % Selling expenses 115,209 71,390 % % Administrative expenses 63,252 57,475 % % Total operating expenses 178,461 128,865 % % Income before income taxes 104,667 84,095 % % Income taxes expense 29,367 24,200 % % Net income $75,300 $59,895 % % Click if you would like to Show Work for this question: Open Show Work