Condensed balance sheet and income statement data for Crane Corporation are presented here. Crane Corporation Balance Sheets December 31 2022 2021 2020 Cash $29,600 $17,000 $ 17,600 Accounts receivable (net) 50,600 44,300 48,300 Other current assets 90,300 94,500 64,500 Investments 55,000 70,000 44,700 Property, plant, and equipment (net) 500,400 370,600 357,400 $725,900 $596,400 $532,500 Current liabilities $85,400 $79,800 $69,900 Long-term debt 144,900 84,300 50,900 Common stock, $10 par 351,000 310,000 300,000 Retained earnings 144,600 122,300 111,700 $725,900 $596,400 $532,500 Crane Corporation Income Statement For the Years Ended December 31 2022 2021 Sales $737,000 $605,800 Less: Sales returns and allowances 39,700 30,300 Net sales 697,300 575,500 Cost of goods sold 425.500 370,000 Gross profit 271,800 205,500 Operating expenses (including income taxes) 188,124 147,950 Net income $83,676 $57,550 Additional information: 1. 2. The market price of Crane's common stock was $7.00, $7.50, and $8.50 for 2020, 2021, and 2022, respectively. You must compute dividends declared. All declared dividends were paid in cash in the year of declaration. (a) Compute the following ratios for 2021 and 2022. (Round Asset turnover and Earnings per share to 2 decimal places, e.g. 1.65. Round payout ratio and debt to assets ratio to 0 decimal places, e.g. 18%. Round all other answers to 1 decimal place, e.g. 6.8 or 6.8%.) 2021 2022 (1) Profit margin 9.50 % 11.37 % (2) Gross profit rate 33.92 % 37.39 % (3) Asset turnover 1.08 times 1.09 times (4) Earnings per share $ 2.81 $ 3.59 (5) Price-earnings ratio 2.7 times 2.4 times (6) Payout ratio B1.58 % 73.39 % (7) Debt to assets ratio 27.4 % 31.7 %