Condensed balance sheet and income statement data for Blue Corporation are presented here. BLUE CORPORATION Balance Sheets December 31 2022 2021 2020 Cash $ 31,000 $ 21,000 $ 19,000 Accounts receivable (net) 51,000 46,000 49,000 Other current assets 95,000 100,000 69,000 Investments 60,000 75.000 50,000 Plant and equipment (net) 500,000 370,000 358,000 $737,000 $612.000 $545,000 Current liabilities $ 86,000 $ 81,000 $ 71,000 Long-term debt 150,000 90,000 55,000 Common stock, $10 par 325,000 315,000 305,000 Retained earnings 176,000 126,000 114,000 $737,000 $612,000 $545,000 BLUE CORPORATION Income Statements For the Years Ended December 31 2022 2021 Sales revenue $745,000 $605,000 Less: Sales returns and allowances 43,520 32.285 Net sales 701,480 572,715 Cost of goods sold 430,144 354,732 Gross profit 271,336 217,983 Operating expenses (including income taxes) 181,072 151,268 Net income $ 90,264 $ 66,715 Additional information: 1. The market price of Blue's common stock was $7.00, $7.74, and $8.46 for 2020, 2021, and 2022, respectively. You must compute dividends paid. All dividends were paid in cash. 2. (a) Compute the following ratios for 2021 and 2022. (Round earnings per share and asset turnover to 2 decimal places, eg 1.83 and all other answers to 1 decimal place, e.g. 1.8 or 1.8%.) 2022 2021 Profit margin 13.2 % 11.8 % Gross profit rate 38.9 % 38.2 % Asset turnover 1.04 times 0.99 times Earnings per share $ poAg!!! Dodgo!! 2.91 2.19 Price-earnings ratio 2.98 times 3.49 times Payout ratio 46 % 82 % Debt to assets ratio 32 % 28 %