Do not get the years mixed up in the following. Note that the prior year is recorded first, and the current year, 2020 second. Adelaide Magpie International Corporation Balance Sheet as at December 31, 2019 and 2020 2019 Prior Year Current Yr 2020 Current assets $ 18,000 7,000 110,000 146,000 4,000 $ 285,000 $166,000 $ 94,000 8,000 21,000 35,000 8,000 Cash Short-term investments Accounts receivable, net Inventory Prepaid expenses Total current assets Property, plant, and equipment, net 233,000 55,000 Other assets 10,000 $528,000 12,000 $233,000 Total assets Current liabilities Short-term borrowings Accounts payable Total current liabilities $ 18,000 20,000 $38,000 $ 3,000 22,000 $25,000 Non-current debt 347,000 $385,000 43,000 $68,000 Total liabilities Shareholders' equity Common shares Retained earnings Total shareholders' equity Total liabilities & s/holders' equity $528,000 $110,000 33,000 $143,000 $135,000 30,000 $165,000 $233,000 Additional information (for 2020): Net income from operations 2020 4,100 $3,650 $1,500 $266,000 $450,000 (Don't get the years mixed up noted above) Interest expense Depreciation expense Cost of goods sold Net sales (all on credit) Industry benchmarks: (What the average ratios are for companies in this industry) acid test 1.00 gross profit %: 70% inventory turnover 4.10 times interest earned 17 current ratio 1.50 debt ratio .62 receivable turnover 30.1 Required: Using financial statement ratios and other information, analyse the performance of Adelaide for 2020. Write a report in good form. (In other words, "How is the company performing?") (Don't mix dn the years on the statement.)