The following comparative income statement (in thousands of dollars) for the fiscal years 2008 and 2007 was adapted from the annual report of Speedway Motor sports, Inc., owner and operator of several major motor speedways, such as the Atlanta, .Texas, and Las Vegas Motor Speedways.

a. Prepare a comparative income statement for fiscal years 2007 and 2008 in vertical form, stating each item as a percent of revenues. Round to one decimal place. b. Comment on the significant changes.

Fiscal Year Fiscal Year 2007 2008 Revenues: Admissions $188,036 $179,765 Event-related revenue 211,630 197,321 168,159 43,168 NASCAR broadcasting revenue Other operating revenue 142,517 42,030 Total revenue $610,993 $561,633 Expenses and other: Direct expense of events $113,477 $100,414 NASCAR purse and sanction fees 100,608 118,766 Other direct expenses 163,222 116,376 General and administrative 84,029 $432,648 80,913 $445,157 Total expenses and other Income from continuing operations $178,345 $116,476