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 2020 2021 Assets Current assets: $ 110,000 82,000 70,000 1,000 $ 217,600 58,000 85,000 3,000 Cash Accounts receivable Inventory Investments Long-term assets: Land 380,000 690,000 (328, 000) 380,000 570,000 (168,000) Equipment Less: Accumulated depreciation Total assets $1,105,600 $1,045,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: 89,000 5,000 7,000 2$ 2$ 75,000 11,000 4,000 120,000 240,000 Common stock 600,000 115,000 600,000 284,600 Retained earnings Total liabilities and stockholders' equity $1,105,600 $1,045,000 Additional information for 2021: 1. Net income is $169,600. 2. Sales on account are $1,183,000. 3. Cost of goods sold is $953,250. Required: 1. Calculate the following profitability ratios for 2021: (Round your answers to 1 decimal place.) Profitability Ratios Gross profit ratio a. b. Return on assets c. Profit margin d. Asset turnover times e. Return on equity