(Answered) The following comparative income statement in thousands of

Accounting

The following comparative income statement (in thousands of dollars) for the fiscal years 2005 and 2006 was adapted from the annual report of Speedway Motorsports, Inc., owner and operator of several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways.

(a) Prepare a comparative income statement for fiscal years 2005 and 2006 in vertical form, stating each item as a percent of revenues. Round to one decimal place.

(b) Comment on the significant changes.

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