For 2016, fielder industries inc. initiated a sales promotion campaign that included the expenditure of an additional $40,000 for advertising. at the end of the year, leif grando, the president, is presented with the following condensed comparative income statement: fielder industries inc. comparative income statementfor the years ended december 31, 2016 and 20151201620152sales$1,300,000.00$1, 180,000.003cost of goods sold682,500.00613,600.004gross profit$617,500.00$566,400.005sellin g expenses$260,000.00$188,800.006admi nistrative expenses169,000.00177,000.007total operating expenses$429,000.00$365,800.008inco me from operations$188,500.00$200,600.009ot her income78,000.0070,800.0010income before income tax$266,500.00$271,400.0011income tax expense117,000.00106,200.0012net income$149,500.00$165,200.00require d: 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. round your percentages to one decimal place. enter all amounts as positive numbers.2. to the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1).