The following income statement and balance sheets for The Athletic Attic are provided. THE ATHLETIC ATTIC Income Statement For the year ended December 31, 2021 Net sales $8,740,000 Cost of goods sold 5,370,000 Gross profit 3,370,000 Expenses: Operating expenses $1,520,000 Depreciation expense 194,000 Interest expense 34,000 Income tax expense 344,000 Total expenses 2,092,000 Net income $1,278,000 THE ATHLETIC ATTIC Balance Sheets December 31 2021 2020 $ $ 148,000 710,000 1,325,000 94,000 198,000 730,000 995,000 69,000 1,070,000 (388,000) $2,959,000 1,070,000 (194,000) $2,868,000 Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment Less: Accumulated depreciation Total assets 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 0 75,000 3,400 29,400 32,000 440,000 440,000 540,000 1,848,000 $2,959,000 540,000 1,780,200 $2,868,000 Earnings per share for the year ended December 31, 2021, are $1.20. The closing stock price on December 31, 2021, is $20.82. Required: Calculate the following profitability ratios for 2021. (Round your answers to 1 decimal place.) Profitability Ratios Gross profit ratio 1. % 2. Return on assets % 3. Profit margin 4. Asset turnover times 5. % Return on equity Price-earnings ratio 6. times