May I ask how to solve out Part b? I need detailed explanation, thx!

*Problem 9-4 (Part Level Submission) The following financial information is for Sheridan Company. SHERIDAN COMPANY Balance Sheets December 31 Assets 2017 2016 Cash $ 72,000 $ 64,000 Debt investments (short-term) 54,000 42,000 Accounts receivable 104,000 91,000 Inventory 230,000 165,000 Prepaid expenses 22,000 25,000 Land 134,000 134,000 Building and equipment (net) 261,000 189,000 Total assets $877,000 $710,000 Liabilities and Stockholders' Equity Notes payable $171,000 $108,000 Accounts payable 65,000 50,000 Accrued liabilities 41,000 41,000 Bonds payable, due 2020 249,000 172,000 Common stock, $10 par 207,000 207,000 Retained earnings 144,000 132,000 Total liabilities and stockholders' equity $877,000 $710,000 SHERIDAN COMPANY Income Statements For the Years Ended December 31 2017 2016 Sales revenue $896,000 $796,000 Cost of goods sold 648,000 574,000 Gross profit 248,000 222,000 Operating expenses 189,000 165,000 Net income $ 59,000 $ 57,000 Additional information: 1. Inventory at the beginning of 2016 was $115,000. 2. Accounts receivable (net) at the beginning of 2016 were $88,000. 3. Total assets at the beginning of 2016 were $639,000. 4. No common stock transactions occurred during 2016 or 2017. 5. All sales were on account. *(a1) Your answer is correct. Compute the liquidity and profitability ratios of Sheridan Company for 2016 and 2017. change is a decrease show the numbers as negative, e.g. -1.83% or (1.83%). % Change 2017 2016 LIQUIDITY Current ratio Accounts receivables turnover 9.19 times78.89 times Inventory turnover 3.28 times 74.07 times 1,74:1 71.94 :1 T-10.3% 73.4% T-19.4% 2017 2016 % Change 16.58% PROFITABILITY Profit margin Asset turnover Return on assets Earnings per share $2.85 11.13) times T7.16 % 11.19 times 18.43 % $12.75 T-8.3% T-4.2% T 12.9% T3.63% 17.44% *(b) Your answer is partially correct. Try again. The following are three independent situations and a ratio that may be affected. For each situation, compute the affected ratio (1) as of December 31, 2017, and (2) as of December 31, 2018, after giving effect to the situation. (Round all answers to 1 decimal places, e.g. 1.8 or 1.8%. If % change is a decrease show the numbers as negative, e.g. -1.83% or (1.83%).) Situation Ratio 1. 19,000 shares of common stock were sold at par on July 1, 2018. Net income for 2018 was Return on common $53,000 stockholders' equity 2. All of the notes payable were paid in 2018. All other liabilities remained at the same levels as at Debt to assets ratio December 31, 2018. At December 31, 2018, total assets were $868,000. 3. The market price of common stock was $9 and $12 on December 31, 2017 and 2018, Price-earnings ratio respectively. Net income for 2018 was $53,000. 2018 2017 % Change Return on common stockholders' equity 11.21 % 17.11% -5.9 % Debt to assets ratio % % -19 % Price earnings ratio 6.86 times "3.16 times 370 % Attempts: 1 of 2 used