Problem 3-27 Using common size income statements to make comparisons LO 3-5 The following income statements were drawn from the annual reports of Toner Sales Company 2018 $427,300 (311,929) 115, 371 2019 $ 522,300 (329, 049) 193,251 Net sales Cost of goods sold Gross margin Less: Operating expense Selling and administrative expenses Net Income (98,279) $ 17,092 (120,129) $ 73,122 "All dollar amounts are reported in thousands The president's message in the company's annual report stated that the company had implemented a strategy to increase market share by spending more on advertising. The president indicated that prices held steady and sales grew as expected. Prepare common size Income statements and make appropriate references to the differences between 2018 and 2019. (Round all Intermediate calculations and final answers for percentage values to 1 decimal place. Enter answers in millions, not in dollar.) TONER SALES COMPANY Income Statement For the Years Ended December 31, 2018 and 2019 2018 2019