PE 15-9A Rate earned on total assets A company reports the following income statement and balance sheet information for the current year: Net income $ 820,000 Interest expense 80,000 Average total assets 5,000,000 Determine the rate earned on total assets. PE 15-9B Rate earned on total assets A company reports the following income statement and balance sheet information for the current year: Net income $ 700,000 Interest expense 50,000 Average total assets 4,687,500 Determine the rate earned on total assets