The classified balance sheet and selected income statement data for Tipke, Inc., as of December 31, 2018, are presented next. (Click the icon to view the classified balance sheet.) (Click the icon to view the selected income statement data.) Read the requirements. Data table Requirement 1. Calculate Tipke, Inc.'s debt ratio and interest coverage ratio as of December 31, 2018. Round to two decimal places. Begin by calculating Tipke, Inc.'s debt ratio. Select the formula and then enter the amounts to calculate the ratio. (Abbreviation used: EBIT = Earnings before interest and taxes. Enter the ratio as a decimal to two places, XX.) Debt ratio Current assets: Cash Balance Sheet December 31, 2018 Current liabilities: $ 7,200 Accounts payable 4,100 Now calculate Tipke, Inc.'s interest coverage ratio. Select the formula and then enter the amounts to calculate the ratio. (Abbreviation used: EBIT = Earnings before interest and taxes. Round the ratio to two decimal places, .XX.) Interest coverage ratio Accounts receivable Supplies Prepaid rent Total current assets 10,100 Salaries payable 1,800 300 Unearned service revenue 10,500 12,000 Note payable 3,000 29,600 Total current liabilities 19,400 Requirement 2. What percentage of Tipke, Inc.'s assets belong to the stockholders? (Enter the amount as a whole percent, X%.) % of the company's assets belong to the stockholders. Requirement 3. Would you be willing to extend credit to Tipke, Inc.? Why or why not? (Assume that the average debt ratio for most companies ranges from 0.57 to 0.67 and the average interest coverage ratio for most companies ranges from 1 to 3 be willing to extend credit to Tipke since the company's debt ratio is indicating that its ability to repay any additional debt is The interest coverage ratio Data table Selected Income Statement Data Gross profit Operating expenses Earnings before interest and taxes. Interest expense Income tax expense Net income Print Done S 245,600 184,300 61,300 17,800 26,300 17,200 Fixed assets: Land Equipment $ 30,000 Less: Accumulated Long-term debt: 65,000 Mortgage note payable Bonds payable Total long-term debt 26,000 90,000 116,000 depreciation, equipment 13,000 17,000 Building 200,000 Less: Accumulated Stockholders' Equity. Common stock depreciation, building 50,000 150,000 Retained earnings 9,000 117,200 Total fixed assets 232,000 Total stockholders' equity 126,200 $ 261,600 Total assets Total liabilities and stockholders' equity 261,600 Print Done