Condensed balance sheet and income statement data for Cullumber Corporation are presented here. Cullumber Corporation Balance Sheets December 31 2022 2021 2020 Cash $31,000 $ 16,200 $ 18,900 Accounts receivable (net) 50,900 45,000 48,700 Other current assets 89,300 94,700 63,300 Investments 54,500 69,900 45,000 Property, plant, and equipment (net) 499,400 369,300 358,100 $725,100 $595,100 $534,000 Current liabilities $85,500 $79,000 $70,400 Long-term debt 144,500 84,700 49,200 Common stock, $10 par 378,000 309,000 306,000 Retained earnings 117,100 122,400 108,400 $725,100 $595,100 $534,000 Cullumber Corporation Income Statement For the Years Ended December 31 2022 2021 Sales $737,500 $605,800 Less: Sales returns and allowances 39,800 29,300 Net sales 697,700 576,500 Cost of goods sold 426,500 374,000 Gross profit Operating expenses (including income taxes) Net income 271,200 202,500 187,476 156,380 $ 83,724 $ 46,120 1. The market price of Cullumber's common stock was $7.00, $7.50, and $8.50 for 2020, 2021, and 2022, respectively. 2. 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. Round payout ratio and debt to assets ratio to O decimal places, e.g. 18%. Round all other answers to 1 decimal place, 6.8 or 6.8%.) (1) Profit margin 2021 8 % 2022 12 % (2) Gross profit rate % % (3) Asset turnover 1.02 times 1.06 times (4) Earnings per share $ $ (5) Price-earnings ratio times times (6) Payout ratio % % (7) Debt to assets ration % %