The following income statement and balance sheets for Worlds of Fun are provided: Worlds of Fun Income Statement For the year-ended December 31, 2021 Sales revenue $2,459,900 Cost of goods sold 1,590,000 Gross profit 869,900 Expenses: Operating expenses 344,000 Depreciation expense 61,000 Loss on sale of land 4,900 Interest expense 23,000 Income tax expense 59,000 Total expenses 491,900 Net income $ 378,000 2020 $108,000 71,000 100,000 16,000 Worlds of Fun Balance Sheet December 31 2021 Assets Current assets: Cash $ 123,000 Accounts receivable 98,000 Inventory 120,000 Prepaid rent 16,000 Long-term assets: Land 310,000 Equipment 430,000 Accumulated depreciation (74,000) Total assets $1,023,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 56,000 Interest payable 8,000 Income tax payable 15,900 Long-term liabilities: Notes payable 430,000 Stockholders' equity: Common stock 270,000 Retained earnings 243,100 Total liabilities and equity $1,023,000 250,000 250,000 (44,000) $ 751,000 $ 79,000 7,000 12,400 330,000 270,000 52,600 $751,000 Earnings per share for the year ended December 31, 2021, is $1.40. The closing stock price on December 31, 2021, is $35.90. Calculate the following profitability ratios for 2021: (Do not round intermediate calculations. Round your answers to 1 decimal place.) Answer is complete but not entirely correct. Profitability Ratios 1. Gross profit ratio 2. Return on assets 35.4 % 21.7 X % 3. Profit margin 15.4 % 4. Asset turnover 1.4 X times 5. 1,345.3 X % Return on equity Price-earnings ratio 6. 25.6 times