Do not get the years mixed up in the following. Note that the prior year is recorded first, and the current year, 2020 second. Adelaide Magpie International Corporation Balance Sheet as at December 31, 2019 and 2020 2019 2020 Current assets Prior Year Current Yr Cash $ 18,000 $ 94,000 Short-term investments 7,000 8,000 Accounts receivable, net 110,000 21,000 Inventory 146,000 35,000 Prepaid expenses 4,000 8,000 Total current assets $ 285,000 $ 166,000 Property, plant, and equipment, net 233,000 55,000 Other assets Total assets 10,000 $528.000 12,000 $233.000 Current liabilities Short-term borrowings Accounts payable Total current liabilities $ 18,000 20,000 $38,000 $ 3,000 22,000 $25,000 Non-current debt Total liabilities 347,000 $385,000 43,000 $68,000 Shareholders' equity Common shares $110,000 Retained earnings 33,000 Total shareholders' equity $143,000 Total liabilities & s/holders' equity $528,000 $135,000 30,000 $165,000 $233.000 Additional information (for 2020): Net income from operations 2020 4,100 Interest expense $3,650 Depreciation expense $1,500 Cost of goods sold $266,000 Net sales (all on credit) $450,000 (Don't get the years mixed up noted above) Industry benchmarks: (What the average ratios are for companies in this industry) current ratio 1.50 debt ratio .62 receivable turnover 30.1 acid test 1.00 gross profit %: 70% inventory turnover 4.10 times interest earned 17 Required: _Using financial statement ratios and other information, analyse the performance of Adelaide for 2020. Write a report in good form. (In other words, "How is the company performing?'') (Don't mix up the years on the statement.)