Operating data for Concord Corporation are presented below. 2017 2016 $841,900 $637,200 Sales revenue 412,000 522,700 Cost of goods sold 121,400 75,900 Selling expenses Administrative expenses 74,400 53,100 34,900 29,000 Income tax expense 88,500 67,200 Net income Prepare a schedule showing a vertical analysis for 2017 and 2016. (Round percentages to 1 decimal place, e.g. 12.1%.) CONCORD CORPORATION Condensed Income Statement 2016 2017 Percent Amount Amount Percent $637,200 $841,900 % Sales 522,700 Cost of goods sold 412,000 % 319,200 % 225,200 % Gross profit 75,900 Selling expenses 121,400 Administrative expenses 74,400 53,100 195,800 129,000 % Total operating expenses 96,200 123,400 Income before income taxes Income tax expense 34,900 29,000 % $ 88,500 $ 67,200 Net income