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Complete this question by entering your answers in the tabs below. Required 1A Required 1B Profit margin ratio. Profit Margin Ratio Choose Numerator: 1 Choose Denominator: Profit Margin Ratio Profit margin ratio Current Year: S % 1 Year Ago: %Did profit margin improve or worsen in the Current Year versus 1 Year Ago? Profit marginSimon Company's year-end balance sheets follow. at December 31 Current Yr 1 1']: Age! 2 Yrs Ago Assets Cash 5 30,600 $ 35,000 5 37,000 Accounts receivable, net 37,400 61,500 50,500 Merchandise inventory 111,500 31,200 55,000 Prepaid expenses 10,?50 9,250 5,100 Plant: assets, net 230,000 255,000 231,000 Total assets $520,250 $441,950 $ 328,600 Liabilities and Equity Accounts payable $129,600 $ 25,000 $ 51,200 Long-term notes payable secured by mortgages on plant assets 97,000 98,?50 32,600 Common stock, $10 par value 160,500 160,500 160,500 Retained earnings 133,150 107,200 34,100 Total liabilities and equity $520,250 $441,950 $ 323,600 The company's income statements for the Current Year and 1 Year Ago, follow. Per Year Ended December 31 Current In: 1 1': Age Sales $125,000 $ 590, 000 Cost of goods sold $420,500 $321,200 other operating expenses 224,750 141,600 Interest expense 11,900 13,400 Income tax expense 9,350 3,225 Total costs and expenses 666,500 535,425 Net incmne $ 58,500 $ 54,5?5 Earnings per share $ 3.64 $ 3.40 For both the Current Year and 1 Year Ago, compute the following ratios: {1-a] Prot margin ratio. {1-b] Did prot margin improve or worsen in the Current Year versus 1 Year Ago?