Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 31,600 87,000 112,000 10,500 276,000 $517,100 $ 35,250 $ 37,400 63,500 50,500 80,200 52,000 9,300 5,000 257,000 226,000 $445,250 $ 370,900 $128,400 $ 74,750 $ 50,200 96,500 160,000 132,200 $517,100 100,500 80,200 160,000 160,000 110,000 80,500 $445,250 $ 370,900 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share Current Yr $775,000 $472,750 248,000 11,900 9,450 742,100 $ 32,900 2.06 1 Yr Ago $ 610,000 $396,500 140,300 12,700 8,925 558,425 $ 51,575 $ 3.22 For both the Current Year and 1 Year Ago, compute the following ratios: Complete this question by entering your answers in the tabs below. Required 1A Required 1B Profit margin ratio. Profit Margin Ratio 1 Choose Denominator: Choose Numerator: = Profit Margin Ratio Profit margin ratio Current Year: Year Ago: Exercise 13-10 Part 1 (1-a) Profit margin ratio. (1-b) Did profit margin improve or worsen in the Current Year versus 1 Year Ago? Complete this question by entering your answers in the tabs below. Required 1A Required 1B Did profit margin improve or worsen in the Current Year versus 1 Year Ago? Profit margin