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Varsity, Inc.'s comparative income statement follows. The 2017 data are given as needed. B (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate the profit margin ratio for 2019 and 2018 . Begin by selecting the formula to calculate the profit margin ratio. Profit margin ratio Data Table Annual dividend per share + Earnings per share (Net income + Income tax expense + Interest expense) + Interest expense (Net income + Interest expense) + Average total assets (Net income - Preferred dividends) + Average common stockholders' equity (Net income + Preferred dividends) + Average common stockholders' equity (Net income - Preferred dividends) + Weighted average number of common shares outstanding Net income + Net sales revenue Net sales revenue + Average total assets Net sales revenue + Net income 2017 Varsity, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 Dollars in thousands 2019 2018 Net Sales Revenue $ 176,000 $ 152,000 Cost of Goods Sold 95,500 83,500 Selling and Administrative Expenses 45,500 42.000 Interest Expense 9,500 12,500 11,500 8.500 Income Tax Expense $ 14,000 $ 5,500 Net Income Requirements * Additional data: 1. Calculate the profit margin ratio for 2019 and 2018. 2. Calculate the rate of return on total assets for 2019 and 2018. 3. Calculate the asset turnover ratio for 2019 and 2018. 4 Calculate the rate of retum on common stockholders' equity for 2019 and 2018. 5 Calculate the earnings per share for 2019 and 2018. 6. Calculate the 2019 dividend payout on common stock. Assume dividends per share for common stock are equal to $0.23 per share. 7. Did the company's operating performance improve or deteriorate during 2019? Total Assets Common Stockholders' Equity Preferred Dividends Common Shares Outstanding During the Year $ 208,000 $ 189.000 S 168,000 92,500 85,000 79,500 2,000 2.000 0 20,000 20.000 15,000 Print Done Print Done Choose from any drop-down list and then click Check Answer. Varsity, Inc.'s comparative income statement follows. The 2017 data are given as needed. (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate the profit margin ratio for 2019 and 2018. Begin by selecting the formula to calculate the profit margin ratio. Profit margin ratio - Net income - Net sales revenue Now, calculate the profit margin ratio for 2019 and 2018. (Round your answers to one tenth of a percent, X.X%.) Profit margin ratio % 2019 % 2018 %