Required information The following information applies to the questions displayed below) Simon Company's year-end balance sheets follow At December 31 Current Yr 1 Yr Ago 2 Yrs Ago $31,779 $ 34,117 Assets Cash $ 28,019 Accounts receivable, 78,796 58,451 44,138 net Merchandise inventory 100,082 74,239 48,450 Prepaid expenses 8,9341 8,683 3,753 Plant assets, net 254,370 232,194 210, 742 Total assets $470,201 $405,346 $341,200 Liabilities and Equity Accounts payable $118,251 $ 66,448 $45,038 Long-term notes payable secured by mortgages on plant assets 90,166 96,826 76,159 Common stock, $10 par 162,500 162,500 162,500 value Retained earnings 99,284 80,372 57.503 Total liabilities and $470,201 $405,346 $341,200. equity The company's income statements for the Current Year and 1 Year Ago, follow For Year Ended December 31 Current Yr 1 Yr Ago Sales $611,261 $482,362 Cost of goods sold $372,869 $313,535 Other operating 189,491 expenses Interest expense 10,391) Income tax 7,946 122,838 11,094 7,235 expense Total costs and 580,697 453,902 expenses Net income $ 30,564 $ 28,468 Earnings per share $ 1.88 $ 1.75 For both the Current Year and 1 Year Ago, compute the following ratios: (1) Debt and equity ratios. Debt Ratio Choose Numerator: Choose Denominator Debt Ratio Total liabilities Total assets Debt ratio Current $ 254,370/$ 470,201 54.1 % Year: 1 Year Ago: 405,346 Equity Ratio Choose Numerator: Choose Denominator: Total equity Total assets Current Year: 1 Year = Equity Ratio Equity ratio 0%