Crane Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2015 and 2016 ollow Crane Medical Comparative Balance Sheet As of December 31 2016 2015 Assets Current assets Cash Accounts receivable, net Inventony Other current assets $380,000 417,450 776,400 681,050 247,100 2,493,300 2,122,000 9,107,040 8,324,980 $11,600,340 $10,446,980 1,065,300 726,000 322,000 Total current assets Property, plant,&equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt $3,178,000 $2,846,100 3,702,700 3,892,700 6,880,700 6,738,800 57,100 103,900 4,513,540 3,547,180 4,719,640 3,708,180 Total liabilities and stockholders' equity 11,600,340 $ 10,446,980 Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings 57,100 149,000 Total stockholders' equity Crane Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Dividends paid $10,790,000 $9,613,900 5,519,000 ,298,800 5,271,000 4,315,100 2,840,200 2,634,100 2,430,800 1,681,000 308,600 2,039,800 1,372,400 411,720 $960,680 391,000 611,940 $1,427,860 Preferred dividends 29,500 487,000 516,500 44,180 3,547,180 3,103,000 $4,513,540 $3,547,180 29,500 432,000 461,500 966,360 Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained carnings, end of year Calculate the following profitability ratios for 2016, (Round answers to 1 decimal place, eg. 50.1%.) a. Gross margin percentage b. Return on assets c. Return on common stockholders' equity