The condensed statement of financial position of Infotech, Inc. as at December 31, 2020 is shown below: Assets Cash Accounts receivable, net Inventory Plant and equipment, net Infotech, Inc. Statement of Financial Position As at December 31, 2020 Liabilities and Shareholders' Equity S 40,000 Current liabilities S 80,000 80,000 Long-term debt 120,000 130.000 Comwon shares 200.000 250.000 Retained earnings 100.000 Total liabilities and $500.000 shareholders' equity $500,000 Total assets Net sales for 2020 were $800,000, including cash sales of $200,000, gross profit was $320,000, and net earnings were $40,000. The long-term debt was outstanding all year, and the interest expense for 2020 was $12,000. The company is subject to an income tax rate of 40%. On December 31, 2019, Infotech, Inc. had the following account balances: Accounts receivable (net), $76,000; inventory, $110,000, shareholders' equity, $260,000, and total assets, $440,000. no 2. Identify and calculate three profitability ratios for 2020. Explain what each ratio measures and its significance. (6 marks)