Vertical analysis of income statementfor 20y2, tri-comic company initiated a sales promotion campaign that included the expenditure of an additional $23,000 for advertising. at the end of the year, lumi neer, the president, is presented with the following condensed comparative income statement: tri-comic companycomparative income statementfor the years ended december 31, 20y2 and 20y120y2 20y1sales $812,000 $698,000cost of goods sold 365,400 349,000gross profit $446,600 $349,000selling expenses $162,400 $132,620administrative expenses 89,320 90,740total operating expenses $251,720 $223,360income from operations $194,880 $125,640other income 24,360 20,940income before income tax $219,240 $146,580income tax expense 89,320 55,840net income $129,920 $90,740required: 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 companycomparative income statementfor the years ended december 31, 20y2 and 20y120y2 amount 20y2 percent 20y1 amount 20y1 percentsales $812,000 % $698,000 %cost of goods sold 365,400 % 349,000 %gross profit $446,600 % $349,000 %selling expenses 162,400 % 132,620 %administrative expenses 89,320 % 90,740 %total operating expenses $251,720 % $223,360 %income from operations $194,880 % $125,640 %other income 24,360 % 20,940 %income before income tax $219,240 % $146,580 %income tax expense 89,320 % 55,840 %net income $129,920 % $90,740 %2. the vertical analysis indicates that the costs other than selling expenses (cost of goods sold and administrative expenses) as a percentage of sales. as a result, net income as a percentage of sales . the sales promotion campaign appears to have been . while selling expenses as a percent of sales slightly, the cost was more than made up for by sales.