Here are comparative statement data for Prince Company and King Company, two competitors. All balance sheet data are as of December 31, 2014, and December 31, 2013.

Problem 13-1A Here are comparative statement data for Prince Company and King Company, two competitors. All balance sheet data are as of December 31, 2014, and December 31, 2013 Prince Company 2014 King Company 2014 2013 2013 Net sales Cost of goods sold Operating expenses Interest expense Income tax expense $1,857,200 1,086,200 261,600 7,200 71,800 $597,800 292,000 83,500 3,100 34,200 Current assets Plant assets (net) Current liabilities Long-term liabilities 606,314 $581,083 155,005 147,809 979,848 930,000 259,894 234,010 123,365 141,016 212,021 167,400 65,747 55,093 56,323 46,500 Common stock, $10 par Retained earnings 930,000 930,000 223,200 223,200 320,776 272,667 70,859 55,796