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A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement Sales This Year $ 7,300,000 4,650,000 2,650,000 Last Year $ 5,548,000 3,515,000 2,033,000 Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses 1,388,000 1,079,500 Administrative expenses 710,500 612,000 Total expenses 2,098,500 1,691,500 Set operating income 551,500 341,500 87,000 Interest expense 98,000 Net income before taxes $ 453,500 $ 254,500 Members of the company's board of directors are surprised to see that net income increased by only $199,000 when sales increased by $1,752,000. 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 % % 0.0 % % % % 0.0 % % 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 This Year % do do % 0.0% % % 0.0 % 0.0 % % 0.0 % Last Year % % 0.0 % % % 0.0 % 0.0 % % 0.0 %