The following condensed information is reported by Sporting Collectibles. 2021 2020 $10,024,000 6,565,720 354,420 $8,300,000 5,800,000 238 , 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 $ 1,590,000 2 ,19 , $ 3,780,000 $ 1,190,000 1,510,000 790,000 29 , $ 3,780,000 $1,490,000 1, 89 , $3,38 , $ 890,000 1,510,000 790,000 190,000 $3,380,000 Required: 1. Calculate the following profitability ratios for 2021: (Round your answers to 1 decimal place.) Profitability Ratios a. Gross profit ratio 34.5% b. Return on assets % Profit margin % d. Asset turnover times e Return on equity 34.4%