2 A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Linited Comparative Income Statenent Sales This Year $7,310,000 4,660,000 2,650,000 Last Year $ 5,555,600 3,513,500 2,042,100 Cost of goods sold Gross margin Selling and administrative expensen: Selling expenses 1,376,000 1,078,000 Administrative expenses 709,000 612.500 Book 1,690-500 Total expenses Net operating income 2,085,000 565,000 100,000 351,600 Interest expense 89,000 Set incone before taxes $ 465,000 $ 262,600 Hint Members of the company's board of directors are surprised to see that net income increased by only $202,400 when sales increased by $1,754,400. Print Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (ie... 0.1234 should be entered as 12.3).) References This Year Last Year Sales Cost of goods sold Gross margin Selling and administrative expenses: Seling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes 1.66 points % % 0.0 % % % 00% 0.0 % % 0.0 % % 0.0 % % % 0.0 % 0.0% % 0.0 %