Vertical Analysis of Income Statement The following comparative income statement (in thousands of dollars) for two recent fiscal years was adapted from the annual report of Speedway Motorsports, Inc. (TRK) owner and operator of several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways Current Year Previous Year Revenues Admissions Event-related revenue NASCAR broadcasting revenue Other operating revenue $90,639 136,900 224,227 60,390 $512,156 $100,694 146,980 217,469 31,320 $496,463 Total revenues Expenses and other Direct expense of events NASCAR event management fees Other direct expenses General and administrative $(102,786) (137,727) (43,784) (166,663) $(450,960) $61,196 $(104,303) (133,682) (19,541) (285,166) $(542,692) $(46,229) Total expenses and other Income from continuing operations a. Prepare a comparative income statement for these two years in vertical form, stating each item as a percent of revenues. (Note: Due to rounding, amounts may not total 100%) Round your percentages to one decimal place Speedway Motorsports, Inc Comparative Income Statement (in thousands of dollars) For the Years Ended December 31 Current Year Current Year Prior Year Amount Percent Prior Year Amount Percent Revenues: Admissions Event-related revenue NASCAR broadcasting revenue Other operating revenue $90,639 136,900 224,227 60,390 512,156 100,694 146,980 217,469 31,320 $496,463 Total revenues Expenses and other: ) $(102,786) $(104,303) Direct expense of events NASCAR event management fees Other direct expenses General and administrative (137,727) 43,784) (166,663) (450,960) (19,541) (285,166) $(542,692) $(46,229) Total expenses and other Income from continuing operations$61196(46229) b. Which of the following statements are correct? 1. Overall revenue increased between the two years, with changes in the mix of revenue sources. The NASCAR broadcasting revenue remained stable while admissions revenue decreased as a percentage of total revenue 2. One of the major expense categories, NASCAR event management fees, remained stable 3. The Direct expense of events increased, while Other direct expenses remained stable