! Required information [The following information applies to the questions displayed below.] The comparative financial statements for Prince Company are below: Sales revenue Income statement: Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Year 2 $191,700 Year 1 $167,500 112,500 101,200 79,200 66,300 57,700 54,700 21,500 11,600 6,450 3,480 $ 15,050 Net income Balance sheet: Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (10 interest) Common stock ($5 par value, 5,000 shares outstanding) Retained earnings Total liabilities and stockholders' equity $ 4,100 14,300 41,300 45,400 $105,100 $ 15,200 43,500 $ 8,120 $ 5,800 17,800 32,100 36,300 $ 92,000 21,400 $ 16,200 43,500 25,000 7,300 $105,100 $ 92,000 25,000