Question 7 Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income $748,000 468,996 120,428 64,328 29,172 65,076 $605,000 392,040 70,785 50,215 20,570 71,390 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 $748,000 $605,000 Cost of goods sold 468,996 392,040 Gross profit 279,004 212,960 1 Selling expenses 70,785 % Administrative expenses 50,215 % % on Total operating expenses 121,000 NO ON Income before income taxes 91,960 Income taxes expense 20,570 Net income $65,076 $71,390