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 Financial 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 $265,320* $225,000 207,760 175,000 57,560 50,000 42,720 38,100 14,840 11,900 3,860 2,900 $ 10,980 $ 9,000 $ 4,730 $ 9,500 18,290 46,780 44,340 $114,140 $ 15,090 41,970 22,000 41,000 37,500 $110,000 $ 18,200 38,000 30,000 30,000 27,080 23,800 $114,140 $110,000 *One-third was credit sales. During Year 2, cash dividends amounting to $7,700 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 (i.e., 0.1243 should be entered as 12.43).): 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 financial position: Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Current liabilities Long-term debt Common shares Retained earnings Increase (Decrease) Year 2 over Year 1 Amount Percentage 0 0 $ 0 $ 0 $ 0