. Using the firm's 2019 income statement , develop the 2019 common-size income Common-size statement analysis A common-size income statement for Creek Enterprises' 2018 operations follows statement and compare it to the 2018statement. Which areas require further analysis and investigation? Complete the common-size income statement for the year ending December 31, 2019 and compare it to the common-size income statement for the year ending December 2018: (Round to one decimal place.) Creek Enterprises Common-Size Income Statement for the Years Ended December 31, 2018 and December 2019 2019 2018 100.0 % 66.0 % 34.0 % Sales revenue Less: Cost of goods sold Gross profits Less: Operating expenses Selling expense General and administrative expenses % 12.2 % 6.3 Enter any number in the edit fields and then click Check Answer. General and administrative expenses Lease expense Depreciation expense Total operating expense Operating profits Less: Interest expense Net profits before taxes 22.5 11.5 % 1.4 10.1 % Less: Taxes (rate = 21%) 2.1 8.0 % Net profits after taxes Less: Preferred stock dividends 0.2 Earnings available for common stockholders 7.8 % 6.3 Creek Enterprises Income Statement for the Year Ended December 31, 2018 Sales revenue ($34,967,000) 100.0 % Less: Cost of goods sold 66.0 Gross profits 34.0 % Less: Operating expenses Selling expense 12.2 % General and administrative expenses Lease expense 0.3 Depreciation expense 3.7 Total operating expense 22.5 Operating profits 11.5 % Less: Interest expense 1.4 Net profits before taxes 10.1 % Less: Taxes (rate = 21%). 2.1 Creek Enterprises Income Statement for the Year Ended December 31, 2019 Sales revenue $30,023,000 Less: Cost of goods sold 20,967,000 Gross profits $9,056,000 Less: Operating expenses Selling expense $2,983,000 General and administrative expenses 1,787,000 Lease expense 182,000 Depreciation expense 1,007,000 Total operating expense 5,959,000 Operating profits $3,097,000 Less: Interest expense 986,000 Net profits before taxes $2,111,000 Less: Taxes (rate = 21%) 443,310 Net profits after taxes $1,667,690 Less: Preferred stock dividends 99,000 Earnings available for common stockholders $1,568,690