Selected Balance Sheet and Income Statement from Illinois Tool Works follows:

$millions 2019 2018 2017

Net Income 2,521 2,563

Total Assets 15,068 14,870 16,780

Equity (including Treasury stock) 3,026 3,254 3,254

Treasury Stock 18,982 17,545 15,562

a. Calculate the ROA and ROE for 2019.

b. What adjustment would you do to the ROA and ROE above so that they better reflect the profitability of the company?

c. Which ratio is the least affected by the company's stock repurchase activity?