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: $190,000 112,000 78,000 56,000 22,000 8,000 $ 14,000 $167,000 100,000 67,000 53,000 14,000 4,000 $ 10,000 Cash Accounts receivable (net) co 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 $ 4,000 14,000 40,000 45,000 $103,000 $ 16,000 45,000 30,000 12,000 $103,000 $ 7,000 18,000 34,000 38,000 $ 97,000 $ 17,000 45,000 30,000 5,000 $ 97,000 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 Increase (Decrease) from Year 1 to Year 2 Amount Percent % % % Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Net income % % % % PRINCE COMPANY Balance Sheet Increase (Decrease) from Year 1 to Year 2 Amount Percent % % % % $ 0 % 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 % % $ %