Question 4 Operating data for Cheyenne Corp. are presented below. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2017 $831,900 529,700 125,400 79,400 37,000 60,400 2016 $629,500 410,900 74,300 52,000 24,500 67,800 Prepare a schedule showing a vertical analysis for 2017 and 2016. (Round percentages to 1 decimal plac CHEYENNE CORP. Condensed Income Statement 2017 Percent 2016 Percent Amount Amount $629,500 Sales $831,900 Cost of goods sold 529,700 410,900 Gross profit 302,200 218,600 Selling expenses 125,400 74,300 Administrative expenses 79,400 52,000 Total operating expenses 204,800 126,300 Income before income taxes 97,400 92,300 Income tax expense 37,000 24,500 Net income $ 60,400 % $ 67,800 Click if you would like to Show Work for this question: Open Show Work