Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 32,000 88,700 111,000 10,300 276,000 $518,000 $ 35,250 $ 38,400 63,000 50,000 83,800 53,500 9,450 5,500 250,500 231,000 $442,000 $ 378, 400 $129,200 $ 72,750 $ 50, 600 96,000 160,500 132,300 $518,000 99,750 83,000 160,500 160,500 109,000 84,300 $442,000 $ 378,400 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Current Yr $755,000 $437,900 234,050 11,800 9,350 693, 100 $ 61,900 1 Yr Ago $ 640,000 $403, 200 147,200 13, 200 8,525 572,125 $ 67,875 Earnings per share $ 3.86 $ 4.23 For both the current Year and 1 Year Ago, compute the following ratios: (2) Total asset turnover. Total Asset Turnover 1 Choose Denominator: Choose Numerator: Total Asset Turnover Total asset turnover / Current Year: 1 times 1 Year Ago: / times