2. Data for two companies, White Company and Red Company, are given below. All balance sheet data are as of December 31, 2019 and December 31, 2018. White Company Red Company 2019 2018 2019 2018 Net sales TL650,000 TL1,700,000 920,000 Costs of goods sold Operating expenses Interest expense 352,000 360,000 151,000 5,000 51,000 17,000 Income tax expense 135,000 Current assets 230,000 210,000 800,000 750,000 Fixed assets (net) 405,000 370,000 900,000 950,000 Current Liabilities 160,000 92,000 450,000 475,000 Long-term Liabilities 168,000 200,000 250,000 90,000 250,000 Common Stock 200,000 650,000 600,000 Retained Earnings 135,000 120,000 400,000 375,000 a) Which company is relatively more profitable? Explain and give proof for your answer. b) Why do you think there is a difference in profitability