Itzkoff Company has provided the following comparative information

Itzkoff Company has provided the following comparative information: 2016 2015 2014 2013 2012 $1,008,200 $869,100 $730,300 $624,200 $529,000 Net income Interest expense 342,800 312,900 270,200 206,000 164,000 322,624 243,348 204,484 162,292 126,960 Income tax expense 7,733,250 8,254,916 5,900,772 6,226,500 4,7 21,763 Total assets (ending balance) Total stockholders' equity (ending balance) 2,389,275 2,959,267 1,882,515 2,400,769 1,440,461 7,994,083 7,077,844 6,063,636 5.188,750 4,442,308 Average total assets 2,674,271 2,420,891 2,141,642 1,920,615 1 700,965 Average stockholders' equity You have been asked to evaluate the historical performance of the company over the last five years. Selected industry ratios have remained relatively steady at the following levels for the last five years 2012-2016 Rate earned on total assets 16.6% Rate earned on stockholders' equity 34.5% Number of times interest charges are earned 4.6 Ratio of liabilities to stockholders' equity 2.1