The 2021 income statement for Anderson TV and Appliance reported net sales of $280,000 and net income of $85,000. Average tota assets for 2021 was $1,000,000. Shareholders' equity at the beginning of the year was $700,000 and $50,000 was paid to shareholders as dividends. There were no other shareholders' equity transactions that occurred during the year. Calculate the profit margin on sales, return on assets, and return on equity for 2021. Answer is complete but not entirely correct. Profit Margin (%). I Choose Denominator: Choose Numerator: Net income Profit Margin Net sales www Profit Margin $ 85,000 $ 280,000 30.36% Return on Assets (%) Choose Numerator: Net income Choose Denominator: Return on Assets 7 Return on assets Average total assets $ $ 85,000 1,000,000 8.50% Return on Equity_%). Choose Numerator: Choose Denominator: Return on Equity Net income Return on equity $ 85,000 Average shareholders' equity $ 675,000 12.59%