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Vertical Analysis of Income Statement For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $16,000 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, 2012 and 2041 20Y2 2011 Sales $481,000 $559,000 279,500 Cost of goods sold 264,550 Gross profit $279,500 $216,450 Selling expenses $106,210 Administrative expenses 55,900 $86,580 57,720 $144,300 Total operating expenses $162,110 Income from operations $72,150 Other income 14,430 $117,390 16,770 $134,160 55,900 Income before income tax $86,580 Income tax expense 33,670 Net income $78,260 $52,910 Required: 1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. Enter percentages as whole numbers. Enter all amounts as positive numbers. Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 2041 20Y2 Amount 20Y2 Percent 20Y1 Amount 20Y1 Percent $559,000 $481,000 Sales Cost of goods sold 279,500 264,550 Gross profit $279,500 $216,450 86,580 Selling expenses Administrative expenses 106,210 55,900 57,720 Total operating expenses $162,110 $144,300 PIPPUD Income from operations $117,390 $72,150 Other income 16,770 14,430 Income before income tax $134,160 MU $86,580 33,670 Income tax expense 55,900 Net income $78,260 $52,910

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