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Vertical Analysis of Income Statement For 2012, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $17,000 for advertising At the end of the year, Lumi Neer, the president, is presented with the following condensed comparative income statement: Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 2041 20Y2 2011 Sales $594,000 $511,000 Cost of merchandise sold 291,060 270,830 $302,940 $240,170 Gross profit Selling expenses Administrative expenses $118,800 $97,090 65,340 66,430 $184,140 $163,520 Total operating expenses Income from operations $118,800 $76,650 30,660 35,640 Other revenue $154,440 $107,310 Income before income tax expense 59,400 40,880 Income tax expense $95,040 $66,430 Net Income 1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to salut for each of the years inter percentages whole numbers. Enter all amounts positive numbers Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 2012 and 2011 2012 20Y2 Amount Percent 5594,000 2011 2011 Amount Percent 5511.000 270,00 291.060 Sales Cost of merchandise sold Gross profit Selling expenses Administrative expenses $302.940 $240,170 $97,090 5110.000 55,340 66.430 1:40 5163,520 Total operating expenses Income from operations 576.650 5118.500 35.640 30,660 Other revenue $107.310 . 40,560 Income before income tax expense $154.440 Income tax expense 59.400 Net Income $95.040 566,430

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