The following condensed information is reported by a company. Income Statement Information Sales revenue Cost of goods sold Net income Balance Sheet Information Current assets Long-term assets Total assets Current liabilities Long-term liabilities Common stock Retained earnings Year 2 $10,860,000 Year 1 $8,500,000 6,000,000 365,620 258,000 7,091,580 $ 1,610,000 2,210,000 $1,510,000 1,910,000 $ 3,820,000 $ 1,210,000 1,490,000 $3,420,000 $ 910,000 1,490,000 810,000 310,000 810,000 210,000 Total liabilities and stockholders' equity $ 3,820,000 $3,420,000 Required: 1. Calculate the following profitability ratios for Year 2: (Round your answers to 1 decimal place.) Profitability Ratios a. Gross profit ratio % b. Return on assets % C. Profit margin % d. Asset turnover times e. Return on equity %