Problem 6 Condensed balance sheet and income statement data for Midnight Oil Corporation are presented here. Midnight Oil Corporation Balance Sheets December 31 Cash Receivables (net) Other current assets Investments Plant & equipment (net) 2019 $ 25,000 50,000 90,000 55,000 500,000 2018 $ 20,000 45,000 85,000 70,000 370,000 2017 $ 18,000 48,000 64,000 45,000 258,000 $ 720,000 $ 590,000 $ 433,000 Current liabilities Long-term debt Common stock, $10 par Retained earnings $ 75,000 160,000 340,000 145,000 $ 80,000 85,000 300,000 125,000 $ 30,000 20,000 300,000 83,000 $ 720,000 $ 590,000 $ 433,000 Midnight Oil Corporation Balance Sheets December 31 Sales Less: Sales returns and allowances $ 640,000 40,000 $ 500,000 50,000 Net Sales Cost of goods sold 600,000 420,000 450,000 300,000 Gross Profit Operating expenses (including income tax) 180,000 126,000 150,000 88,000 Net income $ 54,000 $ 62,000 Additional information: 1. The market price of Midnight Oil's common stock was $4.00, $6.00, and $7.95 for 2017, 2018, and 2019, respectively. You must compute dividends paid. All dividends were paid in cash. On July 1, 2019, 4,000 shares of common stock were issued. 2. 3. Instructions Compute the following ratios for 2018 and 2019: 1. Profit margin 2. Gross profit 3. Earnings per share 4. Price-earnings 5. Debt to total assets Based on the ratios calculated, discuss briefly the improvement or lack thereof in the financial position and operating results from 2018 to 2019 of Midnight Oil Corporation