Operating data for Blue Spruce Corp. are presented below. 2020 2019 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income $850,000 595,000 131,750 65,450 30,600 27,200 $640,000 433,920 73,600 52,480 27,520 52,480 Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round percentages to BLUE SPRUCE CORP. Condensed Income Statement 2020 2019 Amount Percent Amount Percent Sales $850,000 % $640,000 % Cost of goods sold 595,000 % 433,920 % Gross profit 255,000 % 206,080 % 131,750 % 1 55 54 120 n 57 73,600 % Selling expenses Administrative expenses Total operating expenses 65,450 % 52,480 % 197,200 % 126,080 % Income before income taxes 57,800 % 80,000 % 29 2020 Amount Percent Amount Percent % $640,000 % $850,000 ales % 595,000 % 433,920 Cost of goods sold % % 255,000 206,080 Gross profit 6 % % 73,600 131,750 Selling expenses % 65,450 % 52,480 Administrative expenses % 197,200 126,080 % Total operating expenses % 57,800 % 80,000 Income before income taxes % 30,600 27,520 % Income tax expense % $ 27,200 $ 52,480 % Net income Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT 29