Calculate profitability ratios (L012-4) E12-10 The income statement for Stretch-Tape Corporation reports net sales of $540,000 and net income of $65.700. Average total assets for the year are $900,000. Stockholders' equity at the beginning of the year was $600,000, and $30,000 was paid to stockholders as dividends during the year. There were no other stockholders' equity transactions that occurred during the year. Required: Calculate the return on assets, profit margin, asset turnover, and return on equity ratios.