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Common-Size Income Statements and Horizontal Analysis Income statements for Mariners Corp. for the past two years are as follows: Sales revenue Cost of goods sold Gross profit Selling and administrative expense Operating income Interest expense Income before tax Income tax expense Net income (amounts in thousands of dollars) 2017 2016 $59,510 $49,980 41,940 30,320 $17,570 $19,660 9,430 4,900 $8,140 $14,760 1,760 1,760 $6,380 $13,000 2,190 4,250 $4,190 $8,750 Required: 1. Using the format in Example 13-5, prepare common-site comparative Income statements for the two years for Mariners Corp. Round percentages to one decimal point Mariners Corp. Common-Size Comparative Income Statements For The Years Ended December 31, 2017 And 2016 (In Thousands of Dollars) 2017 Dollars 2017 Percent 2016 Dollars 2016 Percent Sales revenue Cost of goods sold Gross profit Selling and administrative expense Operating Income OIIIII Interest expense Income before ta Income tax expense Net income Mariners Corp. Comparative Statements of Income For The Years Ended December 31, 2017 And 2016 December 31, 2017 December 31, 2016 Increase/Decrease Dollars Increase/Decrease (Percent) Sales revenue 49.000 Cost of goods sold 10.120 Gross profit Selling and administrative expense Operating income Interest expense 1.10 Income before tax Income tax expense Net Income 8.750

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