Solvency and Profitability Trend Analysis Crosby Company has provided the following comparative information: 2018 2017 2016 2015 2014 Net income Interest expense $5,571,720 1,052,060 Income tax expense 1,225,572 $3,714,480 891,576 845,222 $2,772,000 $1,848,000 $1,400,000 768,600 610,000 500,000 640,320 441,600 320,000 Total assets (ending balance) 29,378,491 22,598,839 17,120,333 12,588,480 10,152,000 Total stockholders' equity (ending balance) Average total assets Average total stockholders' equity 25,988,665 15,920,340 18,706,200 13,134,480 19,859,586 11,277,240 9,420,000 6,648,000 4,800,000 14,854,406 11,370,240 8,676,000 8,034,000 5,724,000 4,100,000 You have been asked to evaluate the historical performance of the company over the last five years. Selected industry ratios have remained relatively steady at the following levels for the last five years: 2014-2018 Return on total assets Return on stockholders' equity Times interest earned 19% 26% 3.4 Ratio of liabilities to stockholders' equity 1.4