Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 58,900 104,700 4,193,800 4,357,400 $11,257,000 58,900 103,800 3,660,480 3,823,180 $10,561,830 Wildhorse Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $10,177,200 $9,613,900 Cost of goods sold 5,613,500 5,298,700 Gross profit 4,563,700 4,315,200 Operating expenses 2,840,250 2,634,100 Net operating income 1,723,450 1,681,100 Interest expense 300,350 308,700 Net income before taxes 1,423, 100 1,372,400 Income taxes (30%) 426,930 411,720 Net income $996,170 $960,680 Dividends paid Preferred dividends 29,450 29,450 Common dividends 433,400 413,100 Total dividends paid 462,850 442,550 Net income before taxes 1,423, 100 426,930 1,372,400 411,720 $996,170 $960,680 29,450 29,450 Income taxes (30%) Net income Dividends paid Preferred dividends Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year 433,400 413,100 462,850 533,320 3,660,480 $4,193,800 442,550 518,130 3,142,350 $3,660,480 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 %