2.5 2 points Problem 12-5B Calculate profitability ratios (LO12-4) The following income statement and balance sheets for The Athletic Attic are provided. THE ATHLETIC ATTIC Income Statement For the year ended December 31, 2021 eBook Net sales. Cost of goods sold Print References Gross profit Expenses: Operating expenses Depreciation expense. Interest expense Income tax expense Total expenses Net income $1,530,000 196,000 36,000 346,000 $8,760,000 5,380,000 3,380,000 2,108,000 $1,272,000 THE ATHLETIC ATTIC Balance Sheets December 31 Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment Less: Accumulated depreciation 2021 2020 $ 150,000 720,000 1,335,000 96,000 $ 200,000 740,000 1,005,000 71,000 1,080,000 1,080,000 (392,000) (196,000)