Question 7 Operating data for Joshua Corporation are presented below. 2020 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income $754,000 468,234 125,164 63,336 35,438 61,828 2019 $595,000 391,510 67,830 55,930 27,965 51,765 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 Amount Percent Amount 2019 Percent Sales revenue $754,000 $595,000 % % Cost of goods sold 468,234 391,510 % % Gross profit 285,766 203,490 % % Selling expenses 125,164 67,830 % % Administrative expenses 63,336 55,930 % % Total operating expenses 188,500 123,760 % % Income before income taxes 97,266 79,730 % % Income taxes expense 35,438 27,965 % % Net income $61,828 $51,765 % % Click if you would like to Show Work for this question: Open Show Work