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Debt analysis Springfield Bank is evaluating Creek Enterprises, which has requested a $3,530,000 loan, to assess the firm's financial leverage and financial risk. On the basis of the debt ratios for Creek, along with the industry averages and Creek's recent financial statements, evaluate and recommend appropriate action on the loan request Creek Enterprises Income Statement Industry averages Debt ratio Times interesteamed ratio Fixed payment coverage ratio 0.44 7.39 203 Creek Enterprises Balance Sheet Creek Enterprises's debt ratio is (Round to two decimal places) Creek Enterprises Income Statement for the Year Ended December 31, 2019 Sales revenue $30,047,000 Less: Cost of goods sold ds sold 20,956,000 Gross profits $9,091,000 Less: Operating expenses Selling expense $2,968,000 General and administrative expenses 1,818,000 Lease expense 229,000 Depreciation expense 1,049,000 Total operating expense 6,064,000 Operating profits $3,027.000 Less: Interest expense 978,000 Net profits before taxes $2,049,000 Less: Taxes (rate=21%) 430,290 Net profits after taxes $1,618,710 Less: Preferred stock dividends 105,400 Earnings available for common stockholders $1,513,310 / / / Print Done Current assets Cash Marketable securities Accounts receivable Inventories Total current assets $994,000 2,993,000 12,009,000 7,545,000 $23,541,000 $7,953,000 7,991,000 455,000 $16,399,000 $19,318,500 Gross fixed assets (at cost) Land and buildings $11,001,000 Current liabilities Accounts payable Notes payable Accruals Total current liabilities Long-term debt (includes financial leases)** Stockholders' equity Preferred stock (24,800 shares, $4.25 dividend) common stock (1.13 million shares at $5.25 par) Paid-in capital in excess of par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $2,458,000 Machinery and equipment Furniture and fixtures Gross fixed assets 20,534,000 8,047,000 $39,582,000 5,932,500 Less: Accumulated depreciation Net fixed assets 13,002,000 $26,580,000 4,012,000 2,001,000 $14,403,500 Total assets $50,121,000 $50,121,000