Exercise 18-04 Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue $748,000 $605,000 Cost of goods sold 468,996 392,040 Selling expenses 120,428 70,785 Administrative expenses 64,328 50,215 Income tax expense 29,172 20,570 Net income 65,076 71,390 Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round answers to 1 decimal place, e. g. 48.5%.) JOSHUA CORPORATION Condensed Income Statements For the Years Ended December 31 2020 2019 Amount Percent Amount Percent Sales revenue $748,000 % $605,000 % Cost of goods sold 468,996 % 392,040 % Gross profit 279,004 % 212,960 % Selling expenses 120,428 % 70,785 % Administrative expenses 64,328 % 50,215 % Total operating expenses 184,756 % 121,000 % Income before income taxes 94,248 % 91,960 % Income taxes expense 29,172 % 20,570 % Net income $65,076 % $71,390 %