P15-27A (similar to) A (Click the icon to view the additional financ Comparative financial statement data of Lanfield, Inc. follow: (Click the icon to view the income statement.) (Click the icon to view the balance sheet.) Read the requirements. Requirement 1a. Compute the current ratios for 2018 and 2017. Begin by selecting the formula to compute the current ratio. Current ratio = Choose from any drop-down list and then click Check Answer. parts remaining Clear All Lanfield, Inc. Comparative Income Statement Years Ended December 31, 2018 and 2017 2018 2017 Net Sales Revenue $ 461,000 $ 428,000 240,000 218,000 Cost of Goods Sold Gross Profit Operating Expenses Income From Operations 221,000 138,000 210,000 136,000 83,000 14,000 74,000 17,000 Interest Expense Income Before Income Tax Income Tax Expense 69,000 20,000 57,000 27,000 $ 49,000 $ 30,000 Net Income 1. Market price of Lanfield's common stock: $71.84 at December 31, 2018, and $31.56 at December 31, 2017. 2. Common shares outstanding: 10,000 on December 31, 2018 and 9,000 on December 31, 2017 and 2016. 3. All sales are on credit