Koester, Inc. Comparative Income Statement For the Year Ended December 31 2020 2019 2018 Sales revenue $5,179,016 $5,102.786 $4.960,100 Cost of goods sold 2,806,148 2,692,061 2,530,617 Gross profit 2,372,868 2,410,725 2,429,483 Operating expenses 1.708,339 1,679,908 1,643,773 664,529 730,817 785,710 Operating income Interest expense, net Other non-operating (income), net 42,279 58,081 61,611 (29,799) (23,518) (16,755) Income before income tax 652,049 696,254 740,854 Income tax expense 235,030 123,531 203,222 Net income $417,019 $572.723 $537,632 Koester, Inc. Comparative Balance Sheet As of December 31 Assets 2020 2019 Cash $997.734 $1,156,835 Accounts receivable (net) 760,643 759,033 376,897 418,633 277,226 302,649 2,412,500 2,637,150 547,104 586,526 1,412,709 1,532,816 $4,372,313 $4,756,492 Inventory Prepaid expenses and other current assets Total current assets Property, plant, & equipment (net) Other assets Total Assets Liabilities and Stockholders' Equity Short-term borrowings Current portion of long-term debt Accounts payable Accrued expenses Income taxes payable $117.994 $28,995 100,000 189,130 265,936 349.159 796,473 880,038 182,782 279,849 Total current liabilities 1,463,185 1,727,171 Total current liabilities 1,463,185 1,727,171 Long-term debt 525,000 400,000 Other 282,395 243,509 Total noncurrent liabilities 807,395 643,509 Stockholders' Equity Common stock, $1.00 par value 441,369 441,369 Additional paid-in capital 1,589,281 1,594,332 Treasury stock (935,711) (473,349) 1,006,794 823,460 Retained earnings Total stockholders' equity 2,101,733 2,385,812 Total Liabilities and Stockholders' Equity $4,372,313 $4,756,492 Assess Koester's profitability. (Round answers to 1 decimal places, e.g. 52.7.) Gross Margin 2018 49 % 2019 47.2 % 2020 45.8 % Return on assets 2020 % Return on common stockholders' equity 2020 %