Question 3 Operating data for Joshua Corporation are presented below. 2019 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2020 $746,000 466,996 117,868 59,680 31,332 70,124 $595,000 386,750 76,160 57,715 25,585 48,790 Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round answers to 1 decimal place, e.g. 48.5%.) JOSHUA CORPORATION Condensed Income Statements For the Years Ended December 31 2020 2019 Amount Percent Amount Percent Sales revenue $746,000 $595,000 % % Cost of goods sold 466,996 386,750 % % Gross profit 279,004 208,250 % % Selling expenses 117,868 76,160 % % Selling expenses 117,868 76,160 % % Administrative expenses 59,680 57,715 % % Total operating expenses 177,548 133,875 % % Income before income taxes 101,456 74,375 % % Income taxes expense 31,332 25,585 % % Net income $70,124 $48,790 %