Below is the 2018 and 2019 Statement of Financial Position and Statement of Income for Meadow Farms Inc. Dec. 31, 2019 Dec. 31, 2018 Cash $300,000 $150,000 Short term investment 900,000 650,000 Accounts receivable 1,000,000 750,000 Inventory 400,000 250,000 2,600,000 1,800,000 Land 400,000 400,000 Building, at cost 900,000 900,000 Building, accumulated depreciation (300.000) (250,000) 1,000,000 1,050,000 Total Assets 3,600,000 2,850,000 350.000 300.000 Accounts payable Long-term debt Common shares Retained earnings Total Liabilities and Equity Sales Cost of goods sold Gross Profit Depreciation expense Operating expenses 450,000 615.000 1,000 2.534,000 2.535,000 3,600,000 $4,000,000 3,000,000 1,000,000 50,000 280,000 330,000 S670,000 1,000 2,199,000 2.200.000 2.850,000 $5,700,000 5,000,000 700,000 75,000 290,000 365.000 $335,000 Net Income before taxes Required 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: (1 mark each) 2019 2018 1. Current Ratio at Dec 31, 2019 and 2018 2. Debt to equity ratio at Dec 31, 2019 and 2018 3. Gross Profit Percentage at Dec 31, 2019 and 2018 _