Exercise 15-19 Shown below is the liabilities and stockholders' equity section of the balance sheet for Crane Company and Cheyenne Company. Each has assets totaling $4,399,000 CheyenneCo. Crane Co. Current liabilities $320,000 Current liabilities $810,000 Long-term debt, 9% 1,320,000 Common stock ($20 par) 2,830,000 Common stock ($20 par) 2,000,000 Retained earnings (Cash dividends, $353,000) 759,000 Retained earnings (Cash dividends, $217,000) 759,000 $4,399,000 $4,399,000 For the year, each company has earned the same income before interest and taxes. Cheyenne Co Crane Co. Income before interest and taxes $1,100,000 $1,100,000 Interest expense 118,800 0 981,200 1,100,000 Income taxes (45%) 441,540 495,000 $539,660 $605,000 Net income At year end, the market price of Crane's stock was $101 per share, and Cheyenne's was $63.50. Assume balance sheet amounts are representative for the entire year. (a) Calculate the return on total assets? (Round answers to 2 decimal places, e.g. 16.85%.) Return on total assets Crane Company Cheyenne Company Which company is more profitable in terms of return on total assets? (b) Calculate the return on common stock equity? (Round answers to 2 decimal places, e.g. 16. 85 %.) Return on common stock equity Crane Company % Cheyenne Company % Which company is more profitable in terms of return on common stockholders' equity? (b) Calculate the return on common stock equity? (Round answers to 2 decimal places, e.g. 16.85%.) Return on common stock equity Crane Company % Cheyenne Company Which company is more profitable in terms of return on common stockholders' equity? (c) Calculate the Net income per share. (Round answers to 2 decimal places, e.g. $6.85.) Net income per share Crane Company $ Cheyenne Com pany Which company has the greater net income per share of stock? Neither company issued or reacquired shares during the year. (d1) From the point of view of net income, is it advantageous to the stockholders of Crane Co. to have the long-term debt outstanding? (e) What is the book value per share for each company? (Round ans wers to 2 decimal places, e.g. $6.85.) Book value per share Crane Company Cheyenne Company Open Show Work Click if you would like to Show Work for this question: LINK TO TEXT