Content Area Condensed financial statements for Black Silk Company are as follows: Comparative Balance Sheets Assets Year 2 Year 1 Cash $ 128,000 $ 201,000 Accounts receivable 472,000 438,000 Inventories 797,000 673,000 Prepaid expenses 81,000 92,000 Plant and equipment (net) 2,655,000 2,428,000 Total assets $4,133,000 $3,832,000 Liabilities and stockholders' equity Accounts payable $ 198,000 $ 280,600 Long-term bonds payable 1,000,000 1,000,000 Preferred stock, 10%, $100 par 450,000 450,000 Common stock, no par 1,800,000 1,800,000 Retained earnings 685,000 301,400 Total liabilities and stockholders' equity $4,133,000 $3,832,000 Income Statement For the Year ended December 31, Year 2 Line Item Description Amount Net sales $5,400,000 Cost of goods sold 3,240,000 Gross margin $2,160,000 Operating expenses 1,010,000 Net operating income $1,150,000 Interest expense 80,000 Net income before taxes $1,070,000 Income taxes 321,000 Net income $ 749,000 There were 72,000 shares of common stock outstanding throughout Year 2. Dividends on common stock amounted to $320,400 and dividends on preferred stock amounted to $45,000. The market value of a share of common stock was $54 at the end of Year 2. The income tax rate is 30%. Calculate the following profitability ratios for Year 2. Round answers to two decimal places. Line Item Description