Required information [The following information applies to the questions displayed below.] The comparative financial statements for Prince Company are below: Year 2 Year 1 $190,400 113,300 77,100 56,300 20,800 6,240 $ 14,560 $ 168,500 100,300 68,200 53,300 14,900 4,470 $ 10,430 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 (9 interest) Common stock ($5 par value, 5,100 shares outstanding) Retained earnings Total liabilities and stockholders' equity $ 5,600 15,300 40,800 45,300 $107,000 $ 14,900 43,200 25,500 23,400 $ 107,000 $ 5,300 16,100 32,900 37,400 $ 91,700 $ 15,900 43,200 25,500 7,100 $ 91,700 Required: 1. Complete the following columns for each item in the preceding comparative financial statements: (Enter your answer 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 Cash % Accounts receivable (net) % Inventory Property and equipment (net) Total Assets 0 % Current liabilities (no interest) Long-term liabilities (9% interest) Common stock $5 par value, 5,100 shares outstanding) Retained earnings Total liabilities and stockholders' equity 0 %