Directions Precision company wishes to expand but needs a $300,000 loan. The bank requests that Precision prepare a balance sheet and key financial ratios. Precision has kept formal records and is able to provide financial statements as of December 31, 2017The industry debt ratio averages 45.00%The industry return on assets is 2.0% You represent Ideal Bank and will present your findings in a memo to report the ratios for Precision, and identify the conclusion of your opinion reached from your analysis of the company's financials. The memo is to be copied and distributed to the VP of Ideal Bank, so a well-written and detailed memo is crucial. Your memo will be crucial to bank leaders' decision to lend Precision the $300,000. Make sure you use complete sentences. Check your work for proper spelling, grammar and punctuation. There is no set format. However, to receive full credit, you must fully answer each requirement below. Required: Use the financial statements below of Precision Co. to complete the requirements. 1a. Compute Precision's return on total assets for 2017 (Return on total assets is defined in your textbook) 1b. Identify and explain its building block category for financial statement analysis