6. 1.50 points Exercise 12-8 Calculate profitability ratios (LO12-4) The balance sheets for Plasma Screens Corporation and additional information are provided below PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Current assets: Cash Accounts receivable Inventory Investments $ 242.000 $130,000 102,000 90,000 3,000 98,000 105,000 5,000 Long-term assets Land Equipment 580,000 770,000 (52B,000) (368,000) 580,000 890,000 Total assets 1,392,000 1,307,000 Liabilities and Stookholders' Equity Current llabilises Accounts payable Interest payable $ 109.000 $95,000 13,000 6,000 7.000 ncome tax payable 9.000 10,000 800,000 Long-term labilties Notes payable Common stock Retained eamings 220,000 Stockholders equity 800,000 173,000 357,000 Total liabilities and stockholders equity 1,392,000 $ 1,307,000 Addiional information for 2018: 1. Net income is $184,000 2 Sales on account are $1,890,000 3. Cost of goods sold is $1,394,250