Pharoah Medical manufactures hospital beds and Other institutional furniture. The companyls comparative balance sheet and income statement for 2019 and 2020 follow. Pharoah Medical Comparative Balance Sheet As of December 31 Assets Current assets Cash Accounts receivable, net Inventory Other current assets Total current assets Property. plant, 5; equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings 2020 2019 $386,000 $417,400 1,057,000 776,400 750,000 681,050 381,350 247,050 2,574,350 2,121,900 8,641,555 8,440,160 $11,215,905 $10,562,060 $3,155,000 32,846,100 3,702,700 3,892,650 6,857,700 6,738,750 59,000 59,000 104,650 103,900 4,194,555 3,660,410 Total liabilities and stockholders' equity $11,215,905 $10,562,060 Pharoah Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $10,177,300 $9,613,900 Cost of goods sold 5,612,400 5,298,800 Gross profit 4,564,900 4,315,100 Operating expenses 2,840,200 2,634,150 Net operating income 1,724,700 1,680,950 Interest expense 300,350 308,650 Net income before taxes 1,424,350 1,372,300 Income taxes (30%) 427,305 411,690 Net income $997,045 $960,610 Dividends paid Preferred dividends 29.450 29,450 Common dividends 433,400 413,050 Total dividends paid 462,850 442,500 Net income retained 534,145 518,110 Retained earnings, beginning of year 3,660,410 3,142,300 Retained earnings, end of year $4,194,555 $3,660,410Interest expense 300,350 308,650 Net income before taxes 1,424,350 1,372,300 Income taxes (30%) 427,305 411,690 Net income $997,045 $960,610 Dividends paid Preferred dividends 29,450 29,450 Common dividends 433,400 413,050 Total dividends paid 462,850 442,500 Net income retained 534,145 518,110 Retained earnings, beginning of year 3,660,410 3,142,300 Retained earnings, end of year $4,194,555 $3,660,410 Calculate the following profitability ratios for 2020. (Round answers to 1 decimal place, e.g. 50.1%.) % a. Gross margin percentage % b. Return on assets C. Return on common stockholders' equity