Information for Patel Corporation is given below: Patel Corporation Balance Sheet December 31, 2021 Cash $ 350,000 Accounts payable $ 630,000 Accounts receivable (net) 1,950,000 Income taxes payable 189,000 Inventories 2,439,000 Miscellaneous accrued payables 275,000 Plant and equipment, Bonds payable (8%, due 2023) 1,875,000 net of depreciation 1,983,000 Preferred stock ($100 par, 6% Patents 261,000 cumulative nonparticipating) 750,000 Other intangible assets 75,000 Common stock (no par, 60,000 Total Assets $ 7,058,000 shares authorized, issued and outstanding) 1,125,000 Retained earnings 2,439,000 Treasury stock-1,500 shares of preferred (225,000) Total Equities $ 7,058,000 Patel Corporation Income Statement Year ended December 31, 2021 Net sales $ 9,000,000 Cost of goods sold 6,000,000 Gross profit 3,000,000 Operating expenses (including bond interest expense) 1,500,000 Income before income taxes 1,500,000 Income tax 450,000 Net Income $ 1,050,000 Additional information: There are no preferred dividends in arrears, the balances in the Accounts Receivable and Inventory accounts are unchanged from January 1, 2021, and there were no changes in the Bonds Payable, Preferred Stock, or Common Stock accounts during 2021. Assume that preferred dividends for the current year have not been declared Calculate the following ratios at December 31, 2021, show calculations for full credit. 1. Current ratio 2. Acid-test ratio 3. Accounts receivable turnover 4. Inventory turnover 5. Profit margin on sales 6. Return on common stockholders' equity 7. Debt to assets ratio