2015 Crane Medical Comparative Balance Sheet As of December 31 2016 Assets Current assets Cash $368,000 Accounts receivable, net 1,067,800 Inventory 729,000 Other current assets 387,000 Total current assets 2,551,800 Property, plant, & equipment, net 8,682,220 Total assets $11,234,020 $417,400 776,500 681,000 247,050 2,121,950 8,330,030 $10,451,980 Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $3,172,000 3,702,650 6,874,650 52,100 170,000 4,137,270 4,359,370 $11,234,020 $2,846,100 3,892,700 6,738,800 52,100 103,850 3,557,230 3,713, 180 $10,451,980 Crane Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 Sales revenue (all on account) $10,560,000 $9,613,950 Cost of goods sold 5,857,000 5,298,800 Gross profit 4,703,000 4,315,150 Operating expenses 2,840,300 2,634,150 Net operating income 1,862,700 1,681,000 Interest expense 392,000 308,600 Net income before taxes 1,470,700 1,372,400 Income taxes (30%) 441,210 411,720 Net income $1,029,490 $960,680 Dividends paid Preferred dividends 29,450 29,450 Common dividends 420,000 476,000 Total dividends paid 449,450 505,450 Net income retained 580,040 455,230 Retained earnings, beginning of year 3,557,230 3,102,000 Retained earnings, end of year $4,137,270 $3,557,230 (a) X Your answer is incorrect. Try again. Calculate the earnings per share (average of 402,000 shares outstanding for the year) for 2016. (Round answer to 2 decimal places, 2.56 Earning per share se per share Ivanhoe Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2015 and 2016 follow. 2015 Ivanhoe Medical Comparative Balance Sheet As of December 31 2016 Assets Current assets Cash $333,000 Accounts receivable, net 1,066,900 Inventory 738,000 Other current assets 393,000 Total current assets 2,530,900 Property, plant, & equipment, net 9,093,850 Total assets $11,624,750 $417,500 776,450 681,100 247,050 2,122,100 8,406,875 $10,528,975 Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings Total stockholders' equity otal liabilities and stockholders' equity $3,166,000 3,702,650 6,868,650 59,300 122,000 4,574,800 4,756,100 $11,624,750 $2,846,000 3,892,700 6,738,700 59,300 103,850 3,627,125 3,790,275 $10,528,975 Ivanhoe Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 Sales revenue (all on account) $10,730,000 $9,613,900 Cost of goods sold 5,563,000 5,298,750 Gross profit 5,167,000 4,315,150 Operating expenses 2,840,250 2,634,200 Net operating income 2,326,750 1,680,950 Interest expense 318,000 308,700 Net income before taxes 2,008,750 1,372,250 Income taxes (30%) 602,625 411,675 Net income $1,406,125 $960,575 Dividends paid Preferred dividends 29,450 29,450 Common dividends 429,000 469,000 Total dividends paid 458,450 498,450 Net income retained 947,675 462,125 Retained earnings, beginning of year 3,627,125 3,165,000 Retained earnings, end of year $4,574,800 $3,627,125 Calculate the following profitability ratios for 2016. (Round answers to 1 decimal place, e.g. 50.1%.) 48.2% a. Gross margin percentage 12.7 b. Return on assets