The following condensed information is reported by a company. Year 1 Year 2 Income Statement Information Sales revenue Cost of gooda sold Net income Balance Sheet Information Current assets $7,224,000 4,782, 288 316,480 $7,600,000 5,100,000 168,000 $1,520,000 2,120,000 $3,640,000 $1,420,000 1,820,000 $3,240,000 Long-term assets Total asseta $ 820,000 1,580,000 720,000 120,000 $3,240,000 Current 1iabilities Long-term 1iabilities Common stock Retained earnings $1,120,000 1,580,000 720,000 220,000 Total liabilities and stockholders' equity $3,640,000 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 e Profit margin d. Asset turmover times Return on equity e. 2. Determine the amount of dividends paid to shareholders in Year 2. Mc Graw 11