Problem 8(5 marks) Following is a comparative balance sheet for Astra Corporation: Astra Corporation Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 $ 140,000 90,000 350,000 500,000 30,000 $1,110,000 750,000 280,000 $2,140,000 $ 90,000 80,000 220,000 430,000 30,000 $ 850,000 500,000 300,000 $1,650,000 Current assets: Cash Short-term investments Accounts receivable, net Inventory Prepaid expenses Total current assets Property, plant, and equipment, net Other assets Total assets Current liabilities: Short-term notes payable Accounts payable Total current liabilities Non-current debt Total liabilities Shareholders' equity: Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $650,000 200,000 $850,000 380,000 $1,230,000 $670,000 225,000 $895,000 220,000 $1,115,000 $500,000 410,000 $ 910,000 $2.140,000 $500,000 35,000 $535,000 $1,650,000 Notes: Net sales (all on credit) and cost of goods sold for the year ended December 31, 2020, were $2,000,000 and $1,200,000, respectively. The number of common shares outstanding has been 50,000 since the company began operations. Required: Calculate the following ratios for the year ended December 31, 2020 (show all formulas) a. current ratio b. acid-test ratio c. inventory turnover d. accounts receivable turnover e. debt ratio