Lanka Industries is a technology company that operates in a highly competitive environment. In 2015, management had significantly curtailed its capital expenditures due to cash flow problems. Lanka reported the following information for 2018: Net tangible capital assets (beginning of year), $489,000 Net tangible capital assets (end of year), $505,000 Net sales, $1,065,000 Accumulated depreciation (end of year), $543,000 Depreciation expense, $115,000 An analyst reviewing Lanka's financial history noted that Lanka had previously reported tangible capital asset turnover ratios and average age of Its assets as follows: 2013 2014 2015 2017 2016 Tangible capital asset turnover 2.48 2.45 2.74 2.57 2.33 Average age of assets (years) 1.81 1.79 1.94 2.81 3.74 During this time frame, the industry average tangible capital asset turnover ratio is 2.46 and the industry average age of assets is 1.79 years. Required: Round your answers to two decimal places. 1. Compute Lanka's tangible capital asset turnover ratio for 2018. times 2. Compute the average age of Lanka's tangible capital assets for 2018. years