The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 208,600 60,000 86,000 3,100 111,000 83,000 71,000 1,100 Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 390,000 390,000 700,000 580,000 (338,000) (178,000 $1,109,700 $1,058,100 $ 88,200 6,000 8,000 76,000 11, 100 4,100 110,000 220,000 610,000 287,500 $1,109,700 610,000 136,900 $1,058, 100 Additional information for 2021: 1. Net income is $150,600. 2. Sales on account are $1,215,500. 3. Cost of goods sold is $973,400. Required: 1. Calculate the following profitability ratios for 2021: (Round your answers to 1 decimal place.) Answer is complete but not entirely correct. a b Profitability Ratios Gross profit ratio 19.9 % Return on assets 13,6 % Profit margin 1.2 X % Asset turnover 1.1 times Return on equity 6.7 X % . d e