a. Compute profitability measures: RNOA, ROA and ROE for 2019 and 2018 using the numbers as reported by the company.

b. Adjust equity and total assets for the amount of treasury stock.

c. Using these restated numbers, recompute RNOA, ROA and ROE for both years.

oute and interpret Ratios Selected balance sheet and income statement information from Illinois Tool Works follows. $ millions 2019 2018 2017 Net operating profit after tax (NOPAT) $2,897 $3,009 Net income 2,798 2,845 Total assets 15,671 15,465 $17,451 Equity 3,147 3,384 3,384 Net operating profit after tax (NOA) 9,224 9,840 10,493 Treasury stock 21,070 19,475 17,274