The comparative financial statements prepared at December 31, 2015, for Prince Company showed the fol llowing summarized data 2,709 2015 2014 Income statement: Sales revenue Cost of goods sold $191,900" $167,600 101,600 112,900 Gross profit Operating expenses and interest expense 79,000 56,300 66,000 53,300 Pretax income Income tax 22,700 6,810 12,700 3,810 Net income 15,890 8,890 Balance sheet: Cash Accounts receivable (net) Inventory Operational assets (net) $ 4,600 16,000 40,100 45,800 7,700 17,900 33,400 36,100 $106,500$ 95,100 Current liabilities (no interest) Long-term liabilities (9% interest) Common stock (par $5) Retained earnings $14,500 15,500 43,000 29,800 6,800 43,000 29,800 19,200 $106,500 95,100 One-third was credit sales