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A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto Last Year $5,570,800 3,510,500 2,060,300 McKenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,330,000 Cost of goods sold 4,730,000 Gross margin 2,600,000 Selling and administrative expenses: Selling expenses 1,370,000 Administrative expenses 705,500 Total expenses 2,075,500 Net operating income 524,500 Interest expense 100,000 Net income before taxes $ 424,500 1,073,500 613,500 1,687,00 373,300 89,000 $ 284,300 Members of the company's board of directors are surprised to see that net income increased by only $140,200 when sales increased by $1,759,200. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) This Year % Last Year % % % % % Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net Income before taxes % % % % % % 96 % % % % %