Complete the comparative income statement and balance sheet for Logic Company. (Input all answers as positive values except decrease answers which should be indicated by a minus sign. Round your "percent" answers to the nearest hundredth percent.) LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 Increase (Decrease) 2020 2019 Amount Percent Gross sales $ 19,000 $ 15,000 $ 4,000 26.67 Sales returns and allowances 1,000 100 900 900.00 Net sales $ 18,000 $ 14,900 $ 3,100 20.81 Cost of merchandise (goods) sold 12,000 9,000 3,000 33,33 Gross profit $ 6,000 $ 5,900 $ 100 1.69 Operating expenses: Depreciation $ 700 $ 600 $ 100 16.67 Selling and administrative 2,200 2,000 200 10.00 Research 550 500 50 10.00 Miscellaneous 360 300 60 20.00 Total operating expenses $ 3,810 $ 3,400 $ 410 12.06 Income before interest and taxes $ 2,190 $ 2,500 Interest expense 560 500 Income before taxes $ 1,630 $ 2,000 Provision for taxes 640 800 Net income $ 990 $ 1,200 LUCIO COMANI Comparative Income Statement For Years Ended December 31, 2019 and 2020 Increase (Decrease) 2020 2019 Amount Percent Gross sales $ 19,000 $ 15,000 $ 4,000 26.67 Sales returns and allowances 1,000 100 900 900.00 Net sales $ 18,000 $ 14,900 $ 3,100 20.81 Cost of merchandise (goods) sold 12,000 9,000 3,000 33.33 Gross profit $ 6,000 $ 5,900 $ 100 1.69 Operating expenses: Depreciation $ 700 $ 600 $ 100 16.67 Selling and administrative 2,200 2,000 200 10.00 Research 550 500 50 10.00 Miscellaneous 360 300 60 20.00 Total operating expenses Income before interest and taxes $ 6969 $ 3,810 $ 3,400 $ 410 12.06 2,190 $ 2,500 Interest expense 560 500 Income before taxes $ 1,630 $ 2,000 Provision for taxes 640 800 Net income $ 990 $ 1,200 Current assets: Assets LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 Amount Percent Amount Percent Cash $ 12,000 $ 9,000 Accounts receivable 16,500 12,500 Merchandise inventory 8,500 14,000 Prepaid expenses 24,000 10,000 Total current assets $ 61,000 $ 45,500 Plant and equipment: Building (net) $ 14,500 $ 11,000 Land 13,500 9,000 Total plant and equipment $ 28,000 $ 20,000 Total assets $ 89,000 $ 65,500 Liabilities Current liabilities: Accounts payable $ 13,000 $ 7,000 Salaries payable 7,000 5,000 Total current liabilities $ 20,000 $ 12,000 Long-term liabilities: LI- 30000 30500 CUIGIL GOODS. Cash $ 12,000 $ 9,000 Accounts receivable 16,500 12,500 Merchandise inventory 8,500 14,000 Prepaid expenses 24,000 10,000 Total current assets $ 61,000 $ 45,500 Plant and equipment: Building (net) $ 14,500 $ 11,000 Land 13,500 9,000 Total plant and equipment $ 28,000 $ 20,000 Total assets $ 89,000 $ 65,500 Liabilities Current liabilities: Accounts payable $ 13,000 $ 7,000 Salaries payable 7,000 5,000 Total current liabilities $ 20,000 $ 12,000 Long-term liabilities: Mortgage note payable 22,000 20,500 Total liabilities $ 42,000 $ 32,500 Stockholders' Equity Common stock $ 21,000 $ 21,000 Retained earnings 26,000 12,000 Total stockholders' equity $ 47,000 $ 33,000 Total liabilities and stockholders' equity $ 89,000 $ 65,500