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

	2023		2022		2021
Accounts payable	$	361,820	$	211,600	138,800
Accounts receivable, net		261,970		176,766	138,210
Cash		72,970		98,884	103,490
Common shares*		464,000		464,000	464,000
Long-term notes payable due 2026		277,500		291,500	235,500
Inventory		316,700		235,500	152,900
Plant assets, net		786,000		723,000	651,600
Prepaid expenses		27,520		26,880	11,560

*46,400 shares were issued and outstanding for all three years.

	December 31,
	2023		2022
Common shares market price	$	39.00	$	37.00
Annual cash dividends declared per share		1.50		1.20

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.)