Operating data for Blue Spruce Corp. are presented below. 2016 2017 Sales revenue $834,000 $623,500 Cost of goods sold 530,700 409,600 Selling expenses 129,000 76,200 Administrative expenses 79,600 51,000 Income tax expense 33,500 26,800 61,200 59,900 Net income Prepare a schedule showing a vertical analysis for 2017 and 2016. (Round percentages to 1 decimal place, e.g. 12.1%.) Prepare a schedule showing a vertical analysis for 2017 and 2016. (Round percentages to 1 decimal place, e.g. 12.1%.) BLUE SPRUCE CORP. Condensed Income Statement 2017 2016 Percent Amount Percent Amount % % $834,000 $623,500 Sales % % Cost of goods sold 530,700 409,600 % Gross profit 303,300 % 213,900 % 76,200 % Selling expenses 129,000 Administrative expenses 79,600 % % 51,000 Total operating expenses 208,600 % 127,200 % 86,700 % Income before income taxes 94,700 % 26,800 % Income tax expense 33,500 % 61,200 59,900 Net income 9/6