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GHA Ch 8 & 9 A Saved Help Save & Exit & Submit Check my work 3 Thornton Corporation reported the following operating results for two consecutive years: Required a. Compute the percentage changes in Thornton Corporation's income statement components between the two years. (Negative amounts should be indicated by a minus sign. Round your percentage answers to 1 decimal place. (i.e., 0.234 should be entered as 23.4).) eBook Hint Print THORNTON CORPORATION Income Statements Year 3 Year 2 Percentage Change % Sales Cost of goods sold Gross margin Operating expenses Income before taxes Income taxes Net income (loss) $ 1,299,000 $ 1,003,500 798,885 602,100 500,115 401,400 305,000 196,500 195,115 204.900 61,500 52,900 $ 133,615 S 152,000 % Mc Graw Hill