96 The income statement and balance sheet for Meridian Corporation at December 31 are shown below. Dollar amounts are in 5 millions 2020 2019 2018 zozo 2019 Cash $ 350 $ 56 $ 43 Sales $ 2,021 $ 1,708 Marketable securities 0 465 387 Cost of goods sold 942 846 Accounts receivables 26 7 10 Gross profit $1,079 $ 862 Inventories 248 201 169 Selling general & admin 562 386 Prepayments 28 24 20 EBITDA 517 476 Total current assets $ 652 $ 753 $ 629 Depreciation expense 106 99 Property, plant & equip, net 1.568 1.343 1.173 EBIT 411 386 Total assets $ 2.220 $2,096 $ 1,802 Interest expense 50 Pretax income 353 336 Accounts payable 5 84 $ 58 $ 79 Tax expense 132 Short-term borrowing 54 33 0 Net inome $216 $ 205 Other current liabilities 140 193 Total current liabilities $ 234 $ 231 $ 272 Long-term debt 750 713 632 Other non-current liabilities 85 214 165 Total liabilities 5 1,069 $1,158 $ 1,069 Common stock 141 141 141 Retained earnings 1.013 292 592 Total shareholders equity $ 1.151 $ 938 $ 733 Total liab & stkhidrs' eq 5 2.220 $ 2,096 $ 1,802 What factors drove the change in the company's ROE from 2019 to 2020? O a. The firm's profitability, asset utilization, and financial leverage increased. O b. The firm's profitability and asset utilization increased, but its financial leverage decreased. O c The firm's profitability and asset utilization decreased, but its financial leverage increased. O d. The firm's profitability and financial leverage decreased, but its asset utilization increased Oe. The firm's profitability, asset utilization, and financial leverage decreased