The following condensed information is reported by Sporting Collectibles. 2021 2020 $8,800,000 5,790,400 337,920 $8,000,000 5,500,000 298,000 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 $1,560,000 2,160,000 $3,720,000 $1,160,000 1,540,000 760,000 260,000 $3,720,000 $1,460,000 1,860, eee $3,320,000 $ 860,000 1,540,000 760,000 160,000 53,320,000 Required: 1. Calculate the following profitability ratios for 2021: (Round your answers to 1 decimal place.) a b. Answer is complete but not entirely correct. Profitability Ratios Gross profit ratio 34.2 % Return on assets 9.6 % Profit margin 38.4 X % Asset turnover 2.5 times Return on equity 34.8 % C. d. e