! Required information [The following information applies to the questions displayed below.] 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 receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) $192,000 $167,700 113,600 101,200 78,400 66,500 56,800 53,800 21,600 12,700 6,480 3,810 $ 15,120 $ 4,900 15,800 41,900 45,700 $ 8,890 $ 6,300 17,300 32,300 37,500 $108,300 $ 93,400 Long-term liabilities (9 interest) Common stock ($5 par value, 5,500 shares outstanding) Retained earnings Total liabilities and stockholders' equity $ 15,400 $ 16,400 43,300 27,500 6,200 43,300 27,500 22,100 $108,300 $ 93,400