Below is the 2018 and 2019 Statement bf Financial Position and Statement of Income for Meadow Farms Inc. Dec. 31, 2019 Dec 31, 2018 Cash Short term investments Accounts receivable $300,000 900,000 1,000,000 $150,000 650,000 750,000 Inventory 400,000 2,600,000 250,000 1,800,000 Land Building, at cost Building, accumulated depreciation 400,000 900,000 (300,000) 1,000,000 400,000 900,000 (250,000) 1,050,000 Total Assets $3,600,000 $2,850,000 1 Accounts payable Long-term debt 450,000 615,000 350,000 300,000 Common shares Retained Earnings 1,000 2,534,000 2,535,000 1,000 2,199,000 2,200,000 Total Liabilities and Equity $3,600,000 $2,850,000 Sales $4,000,000 $5,700,000 Cost of goods sold Gross Profit 3,000,000 1,000,000 5.000.000 700,000 Depreciation expense Operating expenses 50,000 280,000 330,000 75,000 290,000 365,000 Net Income before taxes $670,000 $335,000 Required A From the data above, calculate the following (two decimal places and show calculations for part marks) A formula sheet is found at the back of the exam: Required A From the data above, calculate the following (two decimal places and show calculations for part marks) A formula sheet is found at the back of the exam: 2019 2018 1. Current Ratio at Dec 31, 2019 and 2018 (2marks) a b 2. Debt to equity ratio at Dec 31, 2019 and 2018 (2 marks) C d 3. Gross Profit Percentage at Dec 31, 2019 and 2018 (2 marks) e