The following income statement and balance sheets for The Athletic Attic are provided. THE ATHLETIC ATTIC Income Statement For the Year Ended December 31, 2824 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income $8,740,000 5,370,000 3,370,000 $1,520,000 194,000 34,000 344,000 2,092,000 $1,278,000 THE ATHLETIC ATTIC Balance Sheets December 31 2824 2823 Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment $148,000 710,000 1,325,000 $198,000 730,000 995,000 94,000 69, Less: Accumulated depreciation 1,070,000 1,070,000 (388,000) (194,888) Total assets $2,959,000 $2,868,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders equity: Common stock Retained earnings Total liabilities and stockholders' equity $99,000 $75,000 e 32,000 3,400 29,400 440,000 440,000 540,000 540,000 1,848,000 1,780,200 $2,959,800 $2,868,000 Eamings per share for the year ended December 31, 2024, are $1.20. The closing stock price on December 31, 2024, is $20.82 Required: Calculate the following profitability ratios for 2024. (Use 365 days a year. Round your final answers to 1 decimal place.) Profitability Ratios 1. Gross profit ratio 2. Return on assets 3. Profit margin 4. Asset turnover 5 Return on equity 6. Price-earnings ratio 96 56 times