Acomparative income statement is given below for mckenzie sales, ltd., of toronto: mckenzie sales, ltd. comparative income statement this year last year sales $ 7,400,000 $ 5,624,000 cost of goods sold 4,750,000 3,513,500 gross margin 2,650,000 2,110,500 selling and administrative expenses: selling expenses 1,392,000 1,079,000 administrative expenses 704,500 608,500 total expenses 2,096,500 1,687,500 net operating income 553,500 423,000 interest expense 101,000 87,000 net income before taxes $ 452,500 $ 336,000 members of the company’s board of directors are surprised to see that net income increased by only $116,500 when sales increased by $1,776,000. required: 1. express each year's income statement in common-size percentages. (round your percentage answers to 1 decimal place (i. e., 0.1234 should be entered as 12.