Presented below is an incomplete income statement and incomplete comparative statements of financial position of Blossom ASA. Additional information: 1. 2. 3. The accounts receivable turnover for 2020 is 8 times. All sales are on account The profit margin for 2020 is 14.5%. Return on assets is 20% for 2020. The current ratio on December 31, 2020, is 2.5. The inventory turnover for 2020 is 4.9 times. 4. 5. 6. Compute the missing information given the ratios above. (Note: Start with one ratio and derive as much information as possible from it before trying another ratio. List all missing amounts under the ratio used to find the information.) Blossom ASA Income Statement For the Year Ended December 31, 2020 Net sales 13,020,000 Cost of goods sold 8415260 i Gross profit 4604760 Operating expenses 1,860,000 Income from operations Interest expense Income before income taxes 2569900 Income tax expense 682,000 Net income 1887900 Blossom ASA Statements of Financial Position December 31 2019 Assets Plant assets (net) Current assets 2020 5,728,800 5,400,200 Inventory 1302000 2,132,800 Accounts receivable (net) 1953000 1,302,000 Cash 595,200 465,000 Total current assets 3850200 3,899,800 Total assets 9579000 9,300,000 Equity and Liabilities Share capital-ordinary, 1 par Retained earnings Total equity 3,720,000 496,000 4,216,000 3,720,000 465,000 4,185,000 Long-term notes payable 3739220 4,092,000 Current liabilities 1484280 1,023,000 Total liabilities 5223500 5,115,000 Total equity and liabilities 9439500 9,300,000