The comparative financial statements for Prince Company are below:

Required:
1. Complete the following columns for each item in the preceding comparative financial statements:
INCREASE (DECREASE) from Year 1 to Year 2
Amount .............................Percent
2. By what amount did the current ratio change from Year 1 to Year 2?

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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 $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 Year 2 Year 1 Balance Sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets S 7,000 18,000 34,000 38,000 $103,000$97.000 $ 4,000 14,000 40,000 45,000 Current liabilities (no interest) Long-term liabilities (interest rate: 10%) Common stock ($5 par value, 6,000 shares outstanding) Retained earnings Total liabilities and stockholders' equity 16,000 45,000 30,000 12,000 $103.000 $17,000 45,000 30,000 5,000 $97,000