(b) Below is the selected financial statement information of Fantail Ltd. for 2020. Net Operating Profit Margin (NOPM) Net Operating Asset Turnover (NOAT) Comprehensive Net Operating Profit after tax (NOPAT) Total Comprehensive Income Average Net Non-operating Obligations (NNO) Average Equity 2020 10.0% 1.212 $480,000 $415,000 $2,160,000 $1,800,000 REQUIRED: (1) Calculate the following measures for 2020: 1) Return on Net Operating Assets (RNOA); 2) Net Nonoperating Expense Percent (NNEP); 3) Spread; 4) Return on Equity (ROE). (6 marks) (ii) Briefly explain how RNOA and financial leverage (FLEV) affect ROE. (Maximum words: 150) (4 marks) (b) Below is the selected financial statement information of Fantail Ltd. for 2020. Net Operating Profit Margin (NOPM) Net Operating Asset Turnover (NOAT) Comprehensive Net Operating Profit after tax (NOPAT) Total Comprehensive Income Average Net Non-operating Obligations (NNO) Average Equity 2020 10.0% 1.212 $480,000 $415,000 $2,160,000 $1,800,000 REQUIRED: (1) Calculate the following measures for 2020: 1) Return on Net Operating Assets (RNOA); 2) Net Nonoperating Expense Percent (NNEP); 3) Spread; 4) Return on Equity (ROE). (6 marks) (ii) Briefly explain how RNOA and financial leverage (FLEV) affect ROE. (Maximum words: 150) (4 marks)