On Thursday 15 November 2018, Wesfarmers shareholders approved the demerger of Coles Group Limited (Coles) from Wesfarmers and Coles listed on the Australian Stock Exchange a few days later.

	2020	2019
Total assets	$18,349,000,000	$9,777,000,000
Total equity	$2,615,000,000	$3,357,000,000
Sales (Sales revenue)	$37,408,000,000	$38,176,000,000
Net income (Profit)	$978,000,000	$1,078,000,000
ROE	37.40%	32.11%
Net profit margin	2.62%	2.82%
Asset turnover	2.66%	3.42%
Equity multiplier	4.71%	3.38%

1. Compare and comment on Coless Equity multiplier in 2019 and 2020. What are the benefits and costs of having a high level of debt to equity ratio? (To gain the full marks for this question, you will need discuss two benefits and two costs)
2. Compare Coless ROE in 2019 and 2020. Use the DuPont Identity to understand the difference between the two years ROE.