P12-1 Analyzing Comparative Financial Statements by Using Percentages LO12-5 The comparative financial statements prepared at December 31, Year 2, for Goldfish Company showed the following summarized data: Statement of Earnings Sales revenue Cost of sales Gross margin Operating expenses and interest expense. Earnings before income taxes Income tax expense Net earnings Statement of Pinancial Position Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Current Liabilities (no interest) Non-current liabilities (10% interest) Common shares (6,000 shares) Retained earningst Year 2 Year 1 $355,070 $300,000 305,540 257,000 49,530 43,000 31,810 28,800 17,720 14,200 5,880 4,500 $ 11,840 $9,700 $ 4,280 $ 8,600 17,450 50,190 21,000 44,000 27,000 $108,600 31,910 $103,830 $12,110 $ 14,700 40,380 38,900 24,000 24,000 27,340 23,000 $103,830 $100,600 "One-third was credit sales. During Year 2, cash dividends amounting to $7,500 were declared and paid. Required: 1. Complete the following columns for each item in the preceding comparative financial statements (Negative answers should be indicated by a minus sign. Round percentage answers to 2 decimal places (ie., 0.1243 should be entered as 12.43).): Increase (Decrease) Year 2 over Year 1