Ivanhoe Medical Comparative Balance Sheet As of December 31 Assets Current assets Cash Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets 2020 $359,000 1,014,000 736,000 381,350 2,490,350 8,737,045 $11,227,395 2019 $417,450 776,400 681,000 247,000 2,121,850 8,439,895 $10,561,745 Liabilities and Stockholders' Equity Current liabilities $3,167,000 $2,846,000 Long-term debt 3,702,600 3,892,600 Total liabilities 6,869,600 6,738,600 Preferred stock, $5 par value 58,950 58,950 Common stock, $0.25 par value 104,650 103,850 Retained earnings 4,194,195 3,660,345 Total stockholders' equity 4,357,795 3,823,145 Total liabilities and stockholders' equity $11,227,395 $10,561,745Ivanhoe Medical Comparative Income Statement and Statement of Retained Earnings For the Year Sales revenue (all on account) Cost of goods sold Gross prot Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Dividends paid Preferred dividends Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year 2020 $10,177,200 5,612,550 4,564,650 2,840,250 1,724,400 300,400 1,424,000 427,200 $996,800 29,500 433,450 462,950 533,850 3,660,345 $4,194,195 2019 $9,613,950 5,298,800 4,315,150 2,634,150 1,681,000 308,650 1,372,350 411,705 $960,645 29,500 413,100 442,600 518,045 3,142,300 $3,660,345 Calculate the following leverage ratios for 2020. (Round all answers to 2 decimal places, e.g. 2.55% or 2.55.) a. Debt ratio % b. Debt-to-equity ratio c. Times interest earned ratio times