At December 31 Assets Cash Accounts receivable net Merchandise inventory Prepaid expenses Plant assets net Total assets Liabilities and Equity Accounts payable Long term notes payable Common stock 10 par value Retained earnings Total liabilities and equity Interest expense Income tax expense Total costs and expenses Net income Current Year 32 000 87 400 111 500 10 250 278 000 519 150 Earnings per share 1 Year Ago 128 800 97 500 162 000 130 850 73 750 101 750 162 000 99 950 519 150 437 450 Current Year 36 500 63 000 80 200 9 250 248 500 437 450 454 450 230 950 11 200 9 450 The company s income statements for the Current Year and 1 Year Ago follow For Year Ended December 31 Sales Cost of goods sold Other operating expenses 745 000 706 050 38 950 2 40 2 Years Ago For both the Current Year and 1 Year Ago compute the following ratios 37 000 49 000 54 500 4 100 228 000 372 600 1 a Compute profit margin ratio for the current year and one year ago 1 b Did profit margin improve or worsen in the Current Year versus 1 Year Ago 50 800 82 800 162 000 77 000 372 600 403 200 151 200 13 000 8 700 1 Year Ago 630 000 576 100 53 900 3 33