Average Total Assets, Return on Assets Juroe Company provided the following income statement for last year: Sales Cost of goods sold Gross margin Operating expenses Operating income Interest expense $11,800,000 3,000,000 $8,800,000 3,800,000 $5,000,000 1,000,000 Income before taxes Income taxes Net income $4,000,000 1,400,000 $2,600,000 Juroe's balance sheet as of December 31 last year showed total liabilities of $11,050,000, total equity of $7,150,000, and total assets of $18,200,000. Also, assume that Juroe's total assets at the beginning of last year equaled $17,350,000 and that the tax rate applicable to Juroe is 40%. Required: 1. Calculate the average total assets. 2. Calculate the return on assets. Round your answer to two decimal places. %