Condensed statement of financial position and income statement data for Pronghorn Ltd. are shown below. You are required to calculate certain financial ratios. Round your final results to one decimal place. PRONGHORN LTD Statement of Financial Position December 31 (in thousands) 2018 2017 2016 Assets Current assets Cash $30 $ 80 $ 200 Accounts receivable 900 700 500 Inventory 1.200 800 500 Total current assets 2.130 1580 1,200 Property, plant, and equipment (net) 4.100 3,800 3300 Total assets 56,230 $5,30 $4.400 Liabilities and Shareholders' Equity Liabilities Current liabilities $ 600 $550 $ 500 Non-current liabilities 3020 2.329 1.500 Total liabilities Shareholders' equity Common shares Retained earnings 3.670 2.870 2,000 1000 1,000 1,000 1560 1510 1,400 Total shareholders' equity 2.500 2,510 2.400 Total liabilities and shareholders' equity $6.230 $5380 $4.400 PRONGHORN LTD. Income Statement Year Ended December 31 (in thousands) 2018 2017 2016 Sales (all on credit) $4,500 $4,000 $3,600 Cost of goods sold 2.500 2.100 1800 Gross profit 2,000 1.000 1,800 Operating expenses 3450 1475 1490 Income from operations 550 425 310 Interest expense 100 130 70 Income before income tax 360 295 240 Income tax expense 90 75 60 Net income $ 270 $ 220 $ 180 The gross profit margin for 2016 is 56% 44% 22% 33.3% None of the above