B. Tamin Bhd, a public listed company based in Johor, manufactures office furniture for local and overseas market. The following are the financial statements of the company Tamin Bhd Statement of Profit or Loss for the year ended 31 December 2020 RM Net sales 6,000,000 Cost of sales (3,500,000) Gross profit 2,500,000 Other expenses (200,000) 2,300,000 Other income 750,000 3,050,000 Operating expenses (550,000) Operating profit 2,500,000 Tax expense (600,000) Net income 1,900,000 RM Tamin Bhd Statement of Financial Position as at 31 December 2020 Assets Non-current assets 7.750,000 Current assets 5,250,000 Marketable securities 3,000,000 TOTAL ASSETS 16,000,000 Liabilities and Equity Current liabilities 8% Long-term loan Common stock TOTAL EQUITY AND LIABILITIES 1,200,000 3,675,000 11,125,000 16,000,000 Additional information: 1. Opening common stock value is RM10,500,000 2. Income tax rate is 24% 3. Amounts for total assets are the same for 2019 and 2020. Required: a. Calculate: i. Return on net operating assets (RNOA). (4 marks) Return on common equity (ROCE). (Note: use average common stockholders' equity) (2 marks) ili. Return on common equity (ROCE) without leverage. (Note: In the absence of leverage, the non-current liabilities would be substituted as equity.) (6 marks) Based on your answer in (ii) and (iii) above, suggest whether leverage from long-term loan benefits the company's shareholders. (2 marks) Recommend to the management of Tamin Bhd any TWO (2) strategic actions to be taken if the return on common equity (ROCE) is considered unsatisfactory by industry norms. (2 marks) b. C