Condensed statement of financial position and income statement data for Clarence betow Clarence Limited Statements of Financial Position Limited appcar December 31 2020 2019 2018 Plant and equipment (net) 400,000 370,000 75,000 90,000 358,000 45,000 Investments 70,000 Other current assets Accounts receivable (net) Cash 95,000 64.000 50.000 45,000 48,000 25,000 20,000 18,000 640,000 600,000 533,000 Share capital-ordinary, 10 par Retained earnings Non-current liabilities Current liabilities 345.000 315,000 300,000 113,000 50,000 145.000 123,000 87,000 75,000 80,000 70.000 70.000 640,000 600,000 533,000 Clarence Limited Income Statement For the Years Ended December 31 2020 2019 740,000 700,000 Sales revenue Less: Sales returns and allowances 40,000 60,000 700.000 420,000 640,000 400,000 Net sales Cost of goods sold Gross profit Operating expenses (including income taxes) 280,000 236,000 240,000 210,000 E4.000 30,000 Net income Additional information: 1. The market price of Clarence's ordinary shares was 4.00, 5.00, and 7.00 for 2018, 2019 2020, respectively. 2. All dividends were paid in cash. Instructions a. Compute the following ratios for 2019 and 2020. 1. Profit margin. 2. Asset turnover. 3. Earnings per share. (Weighted-average ordinary shares in 2020 were 32,000 and in 2019 were 31,000.) 4. Price-earnings ratio. 5. Payout ratio. 6. Debt to assets ratio. b. Based on the ratios calculated, discuss briefly the improvement or lack thereof in financial position and operating results from 2019 to 2020 of Clarence Limited.