Required: Below are the Income Statement and Balance Sheet for Palmer Corporation for the years ended 2020 and 2021. Calculate the liquidity ratios in the table to the right for the year ended 2021. Sales Cost of goods sold Gross profit Palmer Corporation Comparative Income Statement For the Years Ended December 31, 2021 and 2020 2020 Amount $ 4,894,800 3,195,600 1,699,200 2021 Amount $5,750,900 3,646,700 2,104,200 Selling expenses 775,500 688,700 Administrative expenses 863,900 815,200 Total operating expenses 1,639,400 1,503,900 Income from operations 464,800 195,300 Other income 102,500 84,600 Income before income tax 567,300 279,900 Income tax expense Net income 200,600 101,200 $ 366,700 $ 178,700