The following condensed information is reported by a company. Year 2 Year 1 $7,224,000 4,782,288 316,480 $7,600,000 5,100,000 168,000 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 Total liabilities and stockholders' equity $1,520,000 2,120,000 $3,640,000 $1,120,000 1,580,000 720,000 220,000 $3,640,000 $1,420,000 1,820,000 $3,240,000 $ 820,000 1,580,000 720,000 120,000 $3,240,000 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 e. Return on equity % % % times %