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Following is the income statement for Masters Corporation for the year ended December 31, 2018:
Masters Corporation
Income Statement
For the Year Ended December 31, 2018
Net sales $570,000
Expenses:
Cost of goods sold 278,500
Selling expenses 35,000
General expenses 39,300
Interest expense 42,000
Income tax expense 35,000
Total expenses 429,800
Net Income $140,200
Require
Question 1: Make a vertical analysis of the income statement showing appropriate percentages for each item listed above.
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