Req 1 Req 2A Req 2B Complete the two final columns shown beside each item in Pinnacle Plus's comparative financial statements. (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place.) PINNACLE PLUS Horizontal Analysis Increase (Decrease) in the Current year (versus the Previous year) Amount Percentage Current Year Previous Year Income Statement Sales Revenue $ % 129,000 $ 55,800 112,300 49,900 Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (30%) 73,200 31,500 3,100 38,600 11,580 27,020 $ 62,400 29,400 3,100 29,900 8,970 20,930 Net Income $ % Balance Sheet Cash $ 77.842 $ 34.700 % in the current year (versus the Previous year) Amount Percentage Current Year Previous Year Income Statement Sales Revenue $ $ $ 16,700 129,000 55,800 112,300 49,900 14.9% 11.81 Cost of Goods Sold 5,900 Gross Profit 73,200 62,400 10,800 17.3 29,400 2,100 7.1 3,100 0 0.0 Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (30%) 31,500 3,100 38,600 11,580 27,020 $ 29,900 29.1 8,970 8,700 2,610 6,090 29.1: Net Income $ 20,930 $ 29.1 % Balance Sheet Cash $ % Accounts Receivable, Net Inventory Property and Equipment, Net Total Assets Accounts Payable Income Tax Payable Note Payable (long-term) 77,842 $ 18,800 24,100 94,100 214,842 $ 45,800 $ 3,122 31,000 34,700 11,800 36,200 100,500 183,200 $ % $ 36,900 % 1,700 31,000 Total Liabilities Common Stock (par $10) Retained Earnings Total Liabilities and Stockholders' Equity 79,922 87,000 47,920 214,842 $ 69,600 87,000 26,600 183,200 $ %