The financial statements for Armstrong and Blair companies for the current year are summarized below. Blair Company Statement of Financial Position Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Other non-current assets Total assets Current liabilities Long-term debt (10%) Share capital Contributed surplus Retained earnings Total liabilities and shareholders' equity Statement of Earnings Sales revenue (1/3 on credit) Cost of sales Expenses (including interest and Income tax) Net earnings Armstrong Company $ 34,200 62,000 230,000 195,000 92,000 $ 613,200 $ 20,000 41,000 46,000 490,000 350,000 $ 947,000 $ 148,000 $ 45,000 71,500 70,000 610,000 145,500 76,500 $ 947,000 292,500 40,000 61,200 $ 613,200 5.640,000 (320,000) (230,400) 89,600 Selected data from the financial statements for the previous year follows: $950,000 (427,500) (380,000) $ 142,500 Selected data from the financial statements for the previous year follows: Accounts receivable (net) Inventory Long-tera debit Other data: Share price year-end Income tax rate Dividends declared and paid Shares Outstanding Armstrong Company 35,000 73,000 71,500 5 S 14 44,98 15,000 Blate Company $3,000 F 35,0 70,000 15 TON $780,000 50,000 The companies are in the same line of business and are direct competitors in a large metropolitan area. Both have been in approximately ten years, and each has had steady growth. The management of each has a different viewpoint in Company is more conservative, and as its president said, "We avoid what we consider to be Tsk Neither company p held Armstrong Company has an annual audit by an independent auditor, but Bla Company does not Required: 1 Complete a schedule that reflects a ratio analysis of each company Use anding balances if average balances are not available (Round intermediate calculations and final answers to 2 decimal places) HINT To cafcurate Cuvent Ratic the total carrent Assets