Statement of Financial Position June 30 Assets 2023 2022 Cash $32,000 $29,000 Accounts receivable 7,500 5,500 1,100 1,450 220,000 175,000 Prepaid Insurance Inventory Building Equipment 145,000 155,000 36,000 40,000 Total Assets $441,600 $405,950 $ 12,500 $14,500 10,000 0 Liabilities and shareholders' equity Accounts Payable Notes Payable Bonds Payable Long-Term Debt Common shares 145,000 95,000 116,000 175,000 25,000 25,000 133,100 96,450 Retained earnings Total liabilities and shareholders' equity $441,600 $405,950 Revenue $450,000 $300,000 300,000 210,000 Operating expenses Income from operations 150,000 90,000 Interest expense 6,000 9,000 Income tax expense 36,000 20.250 Net income $108,000 $60,750 Instructions (a) Calculate the company's debt to total assets and times interest earned ratios for each year.(8 marks) (b) Determine if the change from 2022- 2023 is an improvement or deterioration. (2 marks)