The Year 2 income statement of Company A reports sales of $21,510,000, cost of goods sold of $12,800,000, and net income of $2,140,000. Balance sheet information is provided in the following table. COMPANY A Balance Sheets December 31, Year 2 and Year 1 Year 2 Year 1 Assets Current assets Cash 920,000 $970,000 Accounts receivable 1,875,000 1,265,000 Inventory 2,385,000 1,775,000 Long-term asseto 5,120,000 4,450,000 Total assets $10,300,000 $8,460,000 Liabilities and Stockholders' Equity Current liabilities $ 2,162,000 $1,892,000 Long-term liabilities 2,598,000 2,632,000 Common stock 2,175,000 2,065,000 Retained earnings 3,365,000 1,871,000 Total liabilities and stockholders equity $10,300,000 $8,460,000 Industry averages for the following profitability ratios are as follows: Gross profit ratio Return on assets Profit margin Asset turnover Return on equity 450 251 154 12.5 times 358 Required: 1. Calculate the five profitability ratios listed above for Company A. (Round your answers to 1 decimal place.) Profitability Ratios Gross profit ratio 2,175,000.0 % Return on assets % Profit margin % Asset turnover times Return on equity % 2. Do you think the company is more profitable or less profitable than the industry average? O More profitable O Less profitable