Exercise 12-8A Calculate profitability ratios (LO12-4) The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 $ $ 139,920 82,000 97,000 4,200 122,000 94,000 82,000 2,200 500,000 810,000 (448,000) $1,185,120 500,000 690,000 (288,000) $1,202,200 Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity $ $ 99,400 7,000 9,000 87,000 12,200 5, 200 120,000 240,000 720,000 229,720 $1,185,120 720,000 137,800 $1,202,200 Additional information for 2021: 1. Net income is $91,920. 2. Sales on account are $1,592,800. 3. Cost of goods sold is $1,208,250. Required: 1. Calculate the following profitability ratios for 2021: (Round your answers to 1 decimal place.) Profitability Ratios a. Gross profit ratio b. Return on assets c. Profit margin olo d. Asset turnover times e. Return on equity olo