Required information [The following information applies to the questions displayed below.] The comparative financial statements for Prince Company are below: Year 2 Income statement: Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Net income Balance sheet: Cash Year 1 $190,600 $167,600 112,200 101,200 78,400 66,400 57,200 54,200 21,200 12,200 6,360 3,660 $ 14,840 $ 8,540 Accounts receivable (net) Inventory Property and equipment (net) Current liabilities (no interest) Total assets Long-term liabilities (8 interest) Common stock ($5 par value, 5,800 shares outstanding) Retained earnings Total liabilities and stockholders' equity $ 4,300 14,100 41,300 45,800 $105,500 $ 14,000 43,200 29,000 19,300 $105,500 $ 5,800 17,900 33,700 36,100 $ 93,500 $ 15,000 43,200 29,000 6,300 $ 93,500