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 $754,000 469,742 124,410 64,844 30,160 64,844 2019 $602,000 389,494 67,424 51,772 25,284 68,026 Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round answers to 1 decimal place, e.g. 48.59.) JOSHUA CORPORATION Condensed Income Statements For the Years Ended December 31 2020 Amount Percent Amount 2019 Percent Sales revenue $754,000 $602,000 Cost of goods sold 469,742 389,494 Gross profit 284,258 212,506 Selling expenses 124,410 67,424 Administrative expenses 64,844 51,772 Total operating expenses 189,254 119,196 Income before income taxes 95,004 93,310 Income taxes pense 30,160 25,284 Net income $64,844 $68,026 Click if you would like to Show Work for this question: Open Show Work ere to search