Selected income statement and balance sheet data follow for Snap-On Incorporated for fiscal 2016 and 2015. (in millions) Net nonoperating expenses, after tax (NNE) Net operating assets (NOA) Net nonoperating obligations (NNO) Return on net operating assets (RNOA) 2016 $ 33.3 $3,567.8 $ 932.6 17.5% 2015 $ 34.2 $3,218.0 $ 787 3 18.8% a. Calculate FLEV. Spread, and Return on Equity for fiscal 2016. Where FLEV Average NNO / Average shareholders' equity and Spread - RNOA - (NNE / Average NNO). b. Explain the difference between ROE and RNOA. c. Identify the circumstance where FLEV is negative and discuss the impact on ROE. d. Discuss two reasons why RNOA > ROA