The following condensed information is reported by Sporting Collectibles.

	2021				2020
Income Statement Information
Sales revenue	$	6,840,000			$	7,500,000
Cost of goods sold		4,534,920				5,000,000
Net income		311,220				158,000
Balance Sheet Information
Current assets	$	1,510,000			$	1,410,000
Long-term assets		2,110,000				1,810,000
Total assets	$	3,620,000			$	3,220,000
Current liabilities	$	1,110,000			$	810,000
Long-term liabilities		1,590,000				1,590,000
Common stock		710,000				710,000
Retained earnings		210,000				110,000
Total liabilities and stockholders' equity	$	3,620,000			$	3,220,000

Required: 1. Calculate the following profitability ratios for 2021:

Profitability Ratios

gross profit ratio

return on assets

profit margin

asset turnover

return on equity