At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expense:s Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by 2017 $ 29,256 $ 34,198 $ 35,986 86,473 59,846 47,032 105,557 75,951 51,617 8,977 4,078 260,440 244,270 221,187 $490,961 $423,242 $359,900 9,235 $119,804 $ 72,958 $ 47,507 mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 90,455 97,346 78,743 162,500 162,500 162,500 118,202 90,43871,150 $490,961 $423,242 $359,900 The company's income statements for the years ended December 31, 2017 and 2016, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income taxes Total costs and expenses Net income 2017 2016 $503,658 $638,24!9 $389,332 197,857 10,850 8,297 $327,378 127,425 11,584 7,555 473,942 $ 29,7166 $1.83 $ 31,91:3 $ 1.96 Earnings per share Calculate the company's long-term risk and capital structure positions at the end of 2017 and 2016 by computing the following ratios Exercise 13-9 Part 1 (1) Debt and equity ratios Choose Numerator Choose Denominator - Debt Ratio otal liabilities Total assets Debt ratio 490,961s 490,961- 2017S 100.01 % 2016 423,242- Ratio Choose Numerator Choose Denominator -Equity Ratio - Equity ratio otal equity Total assets 2017 490,961 2016 423,242