LOGIC COMPANY Comparative Income Statement Gross sales Sales returns and allowances Net sales Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes \begin{tabular}{rr} 022 and 2023 & \multicolumn{1}{r}{2022} \\ 2023 & 15,450 \\ $19,600 & $100 \\ 1,000 & $15,350 \\ $18,600 & 8,850 \\ \hline 11,850 & $6,500 \\ \hline$6,750 & \\ \hline$760 & $630 \\ 2,650 & 2,300 \\ 610 & 530 \\ 420 & 330 \\ \hline$4,440 & $3,790 \\ \hline$2,310 & $2,710 \\ 620 & 530 \\ \hline$1,690 & $2,180 \\ 676 & 872 \\ \hline$1,014 & $1,308 \\ \hline \end{tabular} Net income LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 2023 Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment \begin{tabular}{rr} $12,300 & $9,300 \\ 16,800 & 12,800 \\ 8,800 & 14,300 \\ 24,300 & 10,300 \\ \hline$62,200 & $46,700 \\ \hline$14,800 & $11,300 \\ 13,800 & 9,300 \\ \hline$28,600 & $20,600 \\ \hline$90,800 & $67,300 \\ \hline \end{tabular} Total assets Current liabilities: Accounts payable Salaries payable Total current liabilities \begin{tabular}{rr} $13,300 & $7,500 \\ 7,300 & 5,300 \\ \hline$20,600 & $12,800 \end{tabular} Long-term liabilities: Mortgage note payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Note: Do NOT enter your answer as a percentage (i.e. do not move the decimal two places to the right), Enter it as a proportion Calcuiate the total debt to total assets ratio. rounded to the nearest hundredth