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The comparative financial statements for Prince Company are below: Year 2 Year 1 Income statement: Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Net income Balance sheet: Cash Accounts recelvable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (12% interest) Common stock ($5 par value, 7,300 shares outstanding) Retained earnings Total liabilities and stockholders' equity $173,500 102,600 70,900 54,300 16,600 5,300 $ 11,300 $ 216,000 118,500 97,500 58,600 38,900 $ 28,300 $6,600 10,600 $ 8,300 19,300 39,200 40,600 $ 113,400 $ 107400 $ 18,300 46,300 36,500 6,300 15,300 42,600 48,900 $ 17300 46,300 36,500 13,300 113,400 s 107,400