Objective 3) Prepare a comparative common-size income statement for Wolf Corporation. To an inves- tor, how does 2020 compare with 2019? Explain your reasoning. 1 2 3 4 5 6 Sales revenues 7 8 Gross profit 9 Less: Operating expenses 10 Operating income 11 Less: Interest expense 12 Income before income taxes 13 Less: Income tax expense 14 Net income 15 Wolf Corporation Income Statement For the Years Ended December 31, 2020 and 2019 Less: Cost of goods sold $ $ $ $ B $ (amounts in thousands) 2020 2019 458,800 $ 209,820 248,980 $ 95,670 153,310 $ 4,250 149,060 $ 16,420 132,640 $ 400,000 195,000 205,000 90,000 115,000 3,125 111,875 11,875 100,000

Prepare a comparative common-size income statement for Wolf Corporation. To an investor, how does 2020 compare with 2019 ? Explain your reasoning