Cowan Kitchen Counters, Inc. Comparative Income Statement For Years Ended December 31, 20-2 and 20-1 20-2 Net Sales (all on account) $2,584,000 Cost of goods sold 1,868,200 Gross profit $715,800 Operating expenses 315,200 Other expense (interest) 24,200 Income tax expense 176,800 20-1 $2,163,000 1,616,800 $546,200 221,800 24,200 106,300 Net income $199,600 $193,900 Cowan Kitchen Counters, Inc. Comparative Balance Sheet December 31, 20-2 and 20-1 20-2 20-1 $243,200 250,000 797,500 Cash Government notes Accounts receivable (net) Merchandise inventory Supplies and prepayments Land $255,400 250,000 903,500 983,600 143,200 108,200 913,600 47,500 108,200 Building (net) Office equipment (net) Total assets 330,000 17,700 $2,991,600 390,600 15,000 $2,765,600 Current liabilities (accounts payable) Bonds payable Total liabilities $703,000 220,000 $923,000 $532,000 240,000 $772,000 Common stock ($10 par, 180,000 shares) Retained earnings $1,800,000 268,600 $1,800,000 193,600 Total stockholders' equity $2,068,600 $2,991,600 $1,993,600 $2,765,600 Total liabilities and stockholders' equity Compute ROA for 20-2 using its two basic components (round all calculations to two decimal places). %