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 $ 28,089 82,242 102,360 8,953 264,164 $ 485,808 $ 33,169 58,046 75,928 8,531 243, 126 $ 418,800 $ 34,205 47,450 49,062 3,954 214,329 $ 349,000 $ 118,547 89,505 162,500 115, 256 $ 485,808 $ 71,485 97,287 162,500 87,528 $ 418,800 $ 45,147 79,443 162,500 61,910 $ 349,000 The company's income statements for the current year and one 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 $ 631,550 $ 385, 246 195,781 10,736 8,210 599,973 $ 31,577 $ 1.94 1 Year Ago $ 498,372 $ 323,942 126,088 11,463 7,476 468,969 $ 29,403 $ 1.81 (1) Compute debt and equity ratio for the current year and one year ago. Numerator: Debt Ratio 1 1 Denominator: = Debt Ratio = Debt ratio Current Year: % 1 / 1 Year Ago: % Numerator: Denominator: Equity Ratio 1 1 1 / = Equity Ratio Equity ratio % Current Year: 1 Year Ago: %