Problem 13-03A (Essay) Condensed balance sheet and income statement data for Jergan Corporation are presented here, JERGAN CORPORATION Balance Sheets December 31 2022 2021 Cash $ 30,000 $ 20,000 Accounts receivable (net) 50,000 45,000 Other current assets 90,000 95,000 Investments 55,000 70,000 Plant and equipment (net) 500,000 370,000 $725,000 $600,000 Current liabilities $ 85,000 $ 80,000 Long-term debt 145,000 85,000 Common stock, $10 par 320,000 310,000 Retained earnings 175,000 125,000 $725,000 $600,000 2020 $ 18,000 48,000 64,000 45,000 358,000 $533,000 $70,000 50,000 300,000 113,000 $533,000 JERGAN CORPORATION Income Statements For the Years Ended December 31 2022 Sales revenue $740,000 Less: Sales returns and allowances 40,000 Net sales 700,000 Cost of goods sold 425,000 Gross profit 275,000 Operating expenses (including income taxes) 180,000 Net income $ 95,000 2021 $600.000 30,000 570,000 350,000 220,000 150,000 $ 70,000 Additional information: 1. The market price of Jergan's common stock was $7.00, $7.50, and 58.50 for 2020, 2021, and 2022, respectively. 2. You must compute dividends paid. All dividends were paid in cash. Discuss briefly the improvement or lack thereof in the financial position and operating results from 2021 to 2022 of Jergan Corporation using the following ratios, profit margin, gross profit rate, asset turnover, earnings per share, price-earnings ratio, payout ratio and debt to assets ratio. Click if you would like to Show Work for this question: Open Show Work