E12.3. Analyzing the Growth in Shareholders' Equity (Easy) The following numbers were calculated from the financial statements for a firm for 2009 and 2008:

2009 2008 Return on common equity (ROCE) Return on net operating assets (NOA) Sales (milions) Average net operating assets (milions) 15.2% 11.28% $16,754 13.3% 12.75% $11,035 $ 6,981 $ 4,414 Average net financial obligations (millions Average common equity (millions] $ 2,225 $ 241 $ 4,756 $ 4,173 Explain to what extent the change in common equity from 2008 to 2009 is due to sales growth, net assets required to support sales, and borrowing. Box 12.10 will help you.