The following condensed information is reported by Sporting Collectibles 2021 2020 $8,004,000 5,282,640 327,120 $7,800,000 5,300,000 188,000 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 $1,540,000 2,140,000 $3,680,000 $1,140,000 1,560,000 740,000 240,000 $3,680,000 $1,440,000 1,840,000 $3,280,000 $ 840,000 1,560,000 740,000 140,000 $3,280,000 Required: 1. Calculate the following profitability ratios for 2021: (Round your answers to 1 decimal place.) Profitability Ratios a. Gross profit ratio 34.01% b. Return on assets 9.4 % c. Profit margin 34.0% times d. Asset turnover e. Return on equity %