Addai Company has provided the following comparative information: 20Y8 2017 2016 2015 2014 Net income $273,406 $367,976 $631,176 $884,000 $800,000 Interest expense 616,047 572,003 528,165 495,000 440,000 Income tax expense 31,749 53,560 106,720 160,000 200,000 Total assets (ending balance) 4,417,178 4,124,350 3,732,443 3,338,500 2,750,000 Total stockholders' equity (ending balance) 3,706,557 3,433,152 3,065,176 2,434,000 1,550,000 Average total assets 4,270,764 3,928,396 3,535,472 3,044,250 2,475,000 Average total stockholders' equity 3,569,855 3,249,164 2,749,588 1,992,000 1,150,000 You have been asked to evaluate the historical performance of the company over the last five years. Selected industry ratios have remained relatively steady at the following levels for the last five years: 2014-20Y8 Return on total assets 28% Return on stockholders' equity 18% Times interest earned 2.7 Ratio of liabilities to stockholders' equity 0.4 b. Return on stockholders' equity: 80.0% 70.0% 60.0% 50.0% Return on Stockholders' Equity 40.0% 30.0% 20.0% 10.0% 0.0% 2018 2017 20Y6 2045 20Y4 20Y8 6.4 X % 2047 8.9 X % 2046 16 X % 2015 26.5 X % 2014 29.1 X %