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Exercise 15–2 Financial Ratios for Common StockholdersComparative financial statements for Heritage Antiquing Services for the fiscal year ending December 31 appear on the following page. The company did not issue any new common or preferred stock during theyear. A total of 600 thousand shares of common stock were outstanding. The interest rate on the bondpayable was 14%, the income tax rate was 40%, and the dividend per share of common stock was $0.75.The market value of the company’s common stock at the end of the year was $26. All of the company's sales are on account.Heritage Antique ServicesComparative Balance Sheet (Dollars in thousands)This yearLast year Assets Current Assets:Cash$1,080 $1,210 Accounts receivable, net9,0006,500Inventory12,00010,600Prepaid expenses600500Total current assets22,68018,810Property and equipment:Land9,0009,000Buildings and equipment, net36,80038,000Total property and equipment45,80047,000Total Assets $68,480 $65,810 Liabilities and Stockholder's EquityCurrent liabilities:Accounts payable$18,500 $17,400 Accrued payables900700Notes payable, short term-100Total current liabilities19,40018,200Long-term liabilitiesBonds payable8,0008,000Total liabilities27,40026,200Stockholders' equityPreferred stock1,0001,000Common stocl2,0002,000Additional paid-in capital4,0004,000Total paid-in capital 7,0007,000Retained earnings34,08032,610Total Stockholders' equity41,08039,610Total liabilities and stockholders' equity$68,480 $65,810 Compute the following financial ratios for common stockholders for this year:1. Gross margin percentage.