Required information (The following information applies to the questions displayed below.) Simon Company's year-end balance sheets follow. Current Year 1 Year Ago 2 Years 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 Common stock, $10 par value Retained earnings Total liabilities and equity $ 31,200 88,600 111,500 10,550 277,000 $ 518,850 $ 36,250 63,500 82,800 9,300 249,500 $441,350 $ 38,400 50,000 52,000 4,100 225,000 $ 369,500 $ 129,200 98,000 161,500 130,150 $ 518,850 $ 74,750 100, 750 161,500 104,350 $ 441, 350 $ 50,000 83,400 161,500 74,600 $ 369,500 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share Current Year $ 775,000 $ 472,750 248,000 11,800 9,500 742,050 $ 32,950 $ 2.04 1 Year Ago $ 610,000 $ 384,300 140,300 13,300 8,950 546,850 $ 63,150 $ 3.91 For both the Current Year and 1 Year Ago, compute the following ratios: (2) Compute total asset turnover for the current year and one year ago. (2) Compute total asset turnover for the current year and one year ago. Numerator: Total Asset Turnover 1 Denominator: 1 = Total Asset Turnover Total asset turnover 11 = times Current Year: 1 Year Ago: = times