Suppose you are interested in investing in railroads in the United States. As part of your analysis of Union Pacific and Norfolk Southern, you find out that Union Pacifics trains were purchased years earlier than Norfolk Southerns trains. Assume that the trains of the two companies generate the same income and cash flows, and are different only in age. Based on this information alone, all else equal, which company is likely to have higher ROA?

Union Pacific will have higher ROA.

Norfolk Southern will have higher ROA.

There is not enough information to answer this question.