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Scroll down to complete all parts of this task. Date: January 24, 20X6 To: Miguel Treville Chair, Board of Directors Gascony Corporation Re: Press Release Dear Mr. Treville, Investor relations has prepared a draft press release to report earnings for 20X5. Due to the importance of reporting accurately, we have verified the accompanying financial statements. I have attached these documents so you and your team can conduct a final review of the draft before release to the press. Best, Cory Long Chief Executive Officer Gascony Corporation To revise the document, click on each segment of underlined text below and select the needed correction, if any, from the list provided. If the underlined text is already correct in the context of the document, select [Original Text] from the list. If removal of the underlined text is the best revision to the document, select [Delete Text] from the list if available. . Gascony Corp. Reports 20X5 Yearly Results Paris, Texas - January 26, 20X6 - Gascony Corporation has reported financial results for the year ended December 31, 20X5. Amounts are expressed in thousands. Net revenues for 20x5 increased 7.2% ($1,350) to $26,780. Our comparative financial statements report net revenues for 20x5 and 20X4. The main reason for the change in net revenues is the sales to our biggest customer, Royalty Enterprises. Research and development costs have steadily increased. Management's willingness to invest in the long-term profitability of the company has been evident since Cory Long became CEO 3 years ago. Selling expense for the year increased by 7% to $4,250 compared with $3,972 in the previous year. Operating income for the year increased by 10.6% ($1,230) to $6,793 compared with the previous year's $6,551. New cost cutting measures have been implemented. Net income increased about 0.5% in 20X5, to $4,656 from $4,633. This increase in net income is due to lower operating costs throughout the Southeastern Region. The balance sheet will be reported on more extensively in the future. Some things to highlight are the 7.7% increase in cash and cash equivalents to $10,350 and the 5.5% increase in ending total assets to $24,291. Every category of asset reported increased in 20X5.6 Liabilities declined consistently throughout the year. One of management's top priorities is to reduce debt to an optimal level. The only change in shareholders' equity was the increase in retained earnings