Exercise 18-04 Operating data for Joshua Corporation are presented below. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2020 2019 $750,000 $603,000 467,250 385,920 117,750 68,139 59,250 51,255 30,750 24,723 75,000 72,963 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