Compute and Interpret Ratios Selected balance sheet and income statement information from Illinois Tool Works follows. $ millions 2019 2018 2017 Net operating profit after tax (NOPAT) $2,688 $2,792 Net income 2,597 2,640 Total assets Equity 14,164 13,978 $15,773 2,844 3,059 3,059 Net operating profit after tax (NOA) Treasury stock 8,337 8,894 9,484 19,551 18,071 16,029 a. Compute profitability measures: RNOA, ROA and ROE for 2019 and 2018 using the numbers as reported by the comp Note: Round answers to one decimal place (ex: 0.2345 = 23.5%). Metric RNOA 2019 2018 96 96 ROA 96 96 ROE 96 96 b. Adjust equity and total assets for the amount of treasury stock. $ millions 2019 2018 2017 Assets, restated $ $ $ Equity, restated $ $ Using these restated numbers, recompute RNOA, ROA and ROE for both years. Note: Round answers to one decimal place (ex: 0.2345 = 23.5%). Metric RNOA ROA 2019 2018 96 96 96 96 ROE 96 96 c. Which profitability measures (from part a or part b) better reflect the company's profit levels during the two years? Of the three measures, which one is least influenced by the company's stock repurchase activity? Compute and Interpret Ratios Selected balance sheet and income statement information from Illinois Tool Works follows. $ millions 2019 2018 2017 Net operating profit after tax (NOPAT) $2,688 $2,792 Net income 2,597 2,640 Total assets Equity 14,164 13,978 $15,773 2,844 3,059 3,059 Net operating profit after tax (NOA) Treasury stock 8,337 8,894 9,484 19,551 18,071 16,029 a. Compute profitability measures: RNOA, ROA and ROE for 2019 and 2018 using the numbers as reported by the comp Note: Round answers to one decimal place (ex: 0.2345 = 23.5%). Metric RNOA 2019 2018 96 96 ROA 96 96 ROE 96 96 b. Adjust equity and total assets for the amount of treasury stock. $ millions 2019 2018 2017 Assets, restated $ $ $ Equity, restated $ $ Using these restated numbers, recompute RNOA, ROA and ROE for both years. Note: Round answers to one decimal place (ex: 0.2345 = 23.5%). Metric RNOA ROA 2019 2018 96 96 96 96 ROE 96 96 c. Which profitability measures (from part a or part b) better reflect the company's profit levels during the two years? Of the three measures, which one is least influenced by the company's stock repurchase activity?