Spence Resources Inc.s December 31 incomplete balance sheet information follows along with additional information:

	2023		2022		2021
Accounts payable	$	361,220	$	211,000	138,200
Accounts receivable, net		261,670		176,466	137,910
Cash		72,670		98,584	103,190
Common shares*		458,000		458,000	458,000
Long-term notes payable due 2026		274,500		288,500	232,500
Inventory		313,700		232,500	149,900
Plant assets, net		780,000		717,000	645,600
Prepaid expenses		27,280		26,640	11,320

*45,800 shares were issued and outstanding for all three years.

	December 31,
	2023		2022
Common shares market price	$	33.00	$	31.00
Annual cash dividends declared per share		0.90		0.60

Required: 1. Prepare a three-year comparative balance sheet for Spence Resources Inc. (Enter all amounts as positive values.)

2. To evaluate the companys profitability, calculate the ratios for each year shown in the following schedule and determine whether the change was favourable or unfavourable. (Round EPS and the final answers to 2 decimal places.)