Required information [The following information applies to the questions displayed below.] The comparative financial statements for Prince Company are below: 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) Long-term liabilities (10% interest) Common stock ($5 par value, 6,000 shares outstanding) Retained earnings Total liabilities and stockholders' equity Year 2 Year 1 $190,000 $167,000 112,000 100,000 78,000 67,000 56,000 53,000 22,000 14,000 8,000 4,000 $ 14,000 $ 10,000 $ 4,000 $ 7,000 14,000 40,000 18,000 34,000 45,000 38,000 $103,000 $ 97,000 $16,000 $ 17,000 45,000 30,000 45,000 30,000 12,000 $103,000 5,000 $ 97,000 Required: 1 Complete the following columns for each item in the nroceding comnarative financial statomante: /Enter your anewore ac a Required: 1. Complete the following columns for each item in the preceding comparative financial statements: (Enter your answers as a percentage rounded to 2 decimal places (i.e. 0.1234 should be entered as 12.34). Decreases should be indicated by a minus sign.) PRINCE COMPANY Income Statement Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Net income Increase (Decrease) from Year 1 to Year 2 Amount Percent % % % % % % % PRINCE COMPANY Balance Sheet Required information Cash Accounts receivable (net) Inventory Property and equipment (net) Total Assets Current liabilities (no interest) PRINCE COMPANY Balance Sheet Long-term liabilities (10% interest) Common stock ($5 par value, 6,000 shares outstanding) Retained earnings Total liabilities and stockholders' equity Increase (Decrease) from Year 1 to Year 2 Amount Percent % % % % $ % % % $ 0 %