Balance Sheets As of December 31 Year 3 Year 2 $407,000 $375,000 Accounts receivable Allowance for doubtful accounts (20,350) (15,000 Net accounts receivable Inventories, lower of cost or market$484,000 $447,000 $386,650 $360,000 Income Statement For the Years Ended December 31 Year 3 Year 2 $2,008,000 $1,757,000 415,000 319,000 2,423,000 2,076,000 1,608,000 1,422,000 215,200 23,000 $1,887,600 $1,660,200 Net credit sales Net cash sales Net sales Cost of goods sold Selling, general, and administrative expenses Other expenses 239,600 40,000 Total operating expenses Required (Show your work on all problems.) a. Compute the accounts receivable turnover for Year 3 b. Compute the inventory turnover for Year 3 c. Compute the net margin for Year 2