Dec. 31, Year 3 Dec. 31, Year 2 Dec. 31, Year 1 Total assets Notes payable (10% interest) Common stock Preferred $6 stock, $100 par Retained earnings $3,000,000 1,000,000 400,000 200,000 1,126,000 $2,700,000 1,000,000 400,000 200,000 896,000 $2,400,000 1,000,000 400,000 200,000 600,000 The Year 3 net income was $242,000 and the Year 2 net income was $308,000. No dividends on common stock were declared during the 3 years. Required: a. Determine the return on total assets, the return on stockholders' equity, and the return on common stockholders' equity for Years 2 and 3. If required, round your answers to one Year 3 Year 2 Return en Total Assets Return on Stockholders' Equity Return on Common Stockholders' Equity b. What conclusion can be drawn from these data as to the company's profitability? The profitability ratios indicate that The Winter Group's profitability has leverage from use of debt. Most of this change is from net income in Year 3. There is All work saved