Use Courtland Corp.'s financial statements to compute the required ratios below, and indicate whether the change from year to year is favourable or unfavourable. All the sales recorded in the income statement are on credit. For your analysis, assume that all other things have remained constant. Apply your analysis in very general terms All values should be accurate to at least two decimal places Courtland Corp Income Statement For Years Ended December 31, 2014, 2013, and 2012 2014 2013 2012 Sales Cost of goods sold Gross profit from sales Operating expenses Income from operations Interest expense Income before taxes Income taxes Net income $1,232,500$1,044,100 $923,800 628,300 772,800 802,200 604,200 271,300 121,600 51,500 49,400 45,900 552,700 221,900 75,700 11,800 10,9009,900 540,900 211,000 65,800 98,90049,900 6,600 $442,000 $161,100 $59,200 Courtland Corp Balance Sheet December 31, 2014, 2013, and 2012 Assets 2014 2013 2012 Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Notes receivable, due in 2017 Plant assets, net Total assets $37,300 $46,100 $52,800 68,000 62,000 76,000 63,100 62,200 58,800 53,500 54,200 66,800 2,200 13,000 14,500 3,000 162,000 188,000 135,000 $398,800 $429,300 $404,600 1,900 2,300 abilities and Equity $31,000 $36,000 $35,500 16,500 15,400 18,400 2,700 Long-term note payable secured by mortgage on plant assets 81,000 80,000 86,000 240,000 290,000 260,000 2,000 $398,800 $429,300 $404,600 Accounts payable Salaries payable Income taxes payable 2,850 2,500 Share capital, 150,000 shares Retained earnings Total liabilities and equity 27,450 5,400 Ratio 2014 2013 Current ratio Net profit ratio (%) Debt ratio (%) Return on equity (%) Accounts receivable collection perio AnalySIS (select one) (select one) (select one) (select one) (select one)