Question 8 (8 marks) The following select information is taken from Blueberry Pie Corp.s statements of financial position at December 31, 2019 and 2020, and their income statement for calendar 2020: 2020 2019 Assets: Cash... $ 18,000 $ 22,000 Short Term investments 25,000 -0- Accounts receivable 38,000 42,000 Inventory 61,000 52,000 Prepaid insurance 6,000 9,000 Long-term investments 49,000 20,000 Equipment (net) 130,000 130,000 Land 33,000 33,000 Goodwill 55,000 55,000 Total assets $ 415,000 $ 363,000 Net income Sales (all on credit) Cost of goods sold. Interest expense Income tax expense. Tax rate = 28% $ 62,250 305,000 123,000. 15,600 17,450 Instructions From the above information, calculate the following ratios for2020, rounding to 1 decimal place(2 marks each): Ratio Amount Net income Sales (all on credit) Cost of goods sold.. Interest expense Income tax expense. Tax rate = 28% $ 62,250 305,000 123,000. 15,600 17,450 Instructions From the above information, calculate the following ratios for2020, rounding to 1 decimal place(2 marks each): Ratio Amount 1.Inventory turnover 2.Accounts receivable turnover 3. Return on assets ratio 4.Gross profit percentage ratio