The condensed statement of financial position of Infotech, Inc. as at December 31, 2020 is shown below: Infotech Inc Statement of Financial Position As at December 31, 2020 Assets Liabilities and Shareholders' Equity Cash $ 40,000 Current liabilities $ 80.000 Accounts receivable, net 80,000 Long term debt 120,000 Laventory 130,000 Common shares 200,000 Plant and equipment, ne 250,000 Retained earnings 100.000 Total liabilities and Total assets $500.000 shareholders' equity S500.000 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. MY 3. Identify and calculate two asset turnover ratios for 2020. Explain what each ratio measures and its significance. (4 mark