Return on Sales Juroe Company provided the following income statement for last year: Line Item Description Amount Sales $12,300,000 Cost of goods sold 3,000,000 Gross margin $9,300,000 Operating expenses 3,800,000 Operating income $5,500,000 Interest expense 1,000,000 Income before taxes $4,500,000 Income taxes 1,400,000 Net income $3,100,000 Juroe's balance sheet as of December 31 last year showed total liabilities of $11,200,000, total equity of $6,150,000, and total assets of $17,350,000