Sunland Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2015 and 2016 follow Sunland Medical Comparative Balance Sheet As of December 31 2016 2015 Assets Current assets Cash Accounts receivable, net Inventory Other current assets $417,500 776,500 681,050 247,100 2,122,150 8,480,550 $12,300,440 $10,602,700 $302,000 1,066,400 732,000 350,000 2,450,400 9,850,040 Total current assets Property, plant, & equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings $3,146,000 $2,846,000 3,892,700 6,738,700 57,000 103,800 3,703,200 3,864,000 3,702,600 6,848,600 57,000 138,000 5,256,840 5,451,840 Total stockholders' equity Total liabilities and stockholders' equity $12,300,440 $10,602,700 Sunland Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income DIvidends pald $10,870,000 $9,613,900 5,298,700 4,315,200 2,634,100 1,681,100 308,600 1,372,500 411,750 $960,750 4,828,000 6,042,000 2,840,300 3,201,700 330,000 2,871,700 861,510 $2,010,190 Preferred dividends Common dividends Total dividends pald Net income retained 29,550 400,000 429,550 531,200 3,172,000 $5,256,840 $3,703,200 29,550 427,000 456,550 1,553,640 3,703,200 Retained earnings, beginning of year Retained earnings, end of year Calculate the following profitability ratios for 2016' (Round answers to 1 decimal place, e.g. 50.1%.) a. Gross margin percentage b. Return on assets c. Return on common stockholders' equity