At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity $ 517,250 Accounts payable $ 128,400 Long-term notes payable Common stock, $10 par value Retained earnings 163,000 129,850 Total liabilities and equity $ 517,250 Current Year 1 Year Ago 2 Years Ago $ 35,250 61,500 $ 32,000 86,900 111,000 10,350 277,000 96,000 80,000 9,200 250,000 $ 435,950 $ 37,200 49,000 54,000 4,900 229,000 $ 374,100 $ 50,800 80,800 163,000 79,500 $ 374,100 $ 72,500 100,750 163,000 99,700 $ 435,950 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 Interest expense Income tax expense Total costs and expenses Net income Current Year $ 725,000 $ 420,500 232,000 1 Year Ago $ 630,000 11,700 9,550 673,750 $ 51,250 $ 3.14 $ 403,200 144,900 13,400 8,600 570,100 $ 59,900 $ 3.67 Earnings per share For both the Current Year and 1 Year Ago, compute the following ratios: (1-a) Compute profit margin ratio for the current year and one year ago.