333 pts Austin Corporation Adjusted Trial Balance For the year ended December 31, 2019 Debit Credit Cash $ 45,000 Short Term Investments 5,500 Accounts Receivable 40.500 Note Receivable 7.500 Inventory 74,580 Supplies 4,000 Prepaid Insurance 15.000 Prepaid Rent 25,000 120,000 Buildings $ 20,000 Accumulated Depreciation - Buildings 35,000 Machinery and Equipment Accumulated Depreciation - Machinery & 5.000 - X 0 0 2 | Machinery and Equipment 35.000 Accumulated Depreciation - Machinery Equipment 5.000 Land 20.000 Accounts Payable 48.150 Notes Payable due 10/1/25) 49.180 Capital Stock 150.000 Retained Earnings 129.000 Dividends 20,000 Sales Revenue 475.750 10.750 Sales Returns and allowances 125.000 Salaries Expense 6,000 Insurance Expense 290.900 Cost of Goods Sold 12.000 Utilities Expense 20.350 Income Tax Expense $877.080 $877.080 Utilities Expense 12.000 Income Tax Expense 20.350 $877.080 $877.080 Austin Corporation's gross margin ratio for the year ended December 31, 2019 is closest to? 37.496 61.2% 2.3% 38.996 None of the responses are correct