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 $ 31,800 89,500 112,500 10,700 278,500 $523,000 $ 35,625 $ 37,800 62,500 50,200 82,500 54,000 9,375 5,000 255,000 230,500 $445,000 $377,500 $129,900 $ 75,250 $ 51,250 98,500 163,500 131, 100 $523,000 101,500 83,500 163,500 163,500 104,750 79,250 $445,000 $377,500 The company's income statements for the current year and 1 year ago, follow. 1 Yr Ago $ 532,000 For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Current Yr $673,500 $411,225 209,550 12,100 9,525 642,400 $ 31,100 $345,500 134,980 13,300 8,845 502,625 $ 29,375 Earnings per share $ 1.90 $ 1.80 For both the Current Year and 1 Year Ago, compute the following ratios: (1-a) Profit margin ratio. (1-b) Did profit margin improve or worsen in the Current Year versus 1 Year Ago? Complete this question by entering your answers in the tabs below. Required 1A Required 1B Profit margin ratio. Profit Margin Ratio Choose Numerator: Choose Denominator: Il Profit Margin Ratio / = Profit margin ratio Current Year: II % 1 Year Ago: / = % Required 1A Required 1B Did profit margin improve or worsen in the Current Year versus 1 Year Ago? Profit margin