Given the selected comparative financial statements of FoodMart Inc. for the years ended December 31, 2023, 2022, and 2021, answer the following questions:

FoodMart Inc. Comparative Income Statements for Years Ended December 31, 2023, 2022, and 2021:

• Sales: 2023: $1,200,000, 2022: $1,000,000, 2021: $800,000
• Cost of Goods Sold: 2023: $700,000, 2022: $600,000, 2021: $500,000
• Gross Profit: 2023: $500,000, 2022: $400,000, 2021: $300,000
• Operating Expenses: 2023: $150,000, 2022: $120,000, 2021: $100,000
• Interest Expense: 2023: $20,000, 2022: $15,000, 2021: $10,000
• Income Tax Expense: 2023: $50,000, 2022: $40,000, 2021: $30,000
• Net Income: 2023: $280,000, 2022: $225,000, 2021: $160,000

FoodMart Inc. Comparative Balance Sheets as of December 31, 2023, 2022, and 2021:

• Current Assets: 2023: $400,000, 2022: $350,000, 2021: $300,000
• Long-term Assets: 2023: $800,000, 2022: $650,000, 2021: $500,000
• Total Assets: 2023: $1,200,000, 2022: $1,000,000, 2021: $800,000
• Current Liabilities: 2023: $250,000, 2022: $200,000, 2021: $150,000
• Long-term Liabilities: 2023: $350,000, 2022: $300,000, 2021: $250,000
• Shareholders' Equity: 2023: $600,000, 2022: $500,000, 2021: $400,000

Requirements:

1. Calculate the gross profit margin for each year.
2. Compute the operating profit margin for each year.
3. Determine the debt-to-equity ratio for each year.
4. Calculate the interest coverage ratio for each year.
5. Discuss the changes in financial leverage over the three years.