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The balance sheets at the end of each of the first two years of operations indicate the following: Kellman Company Year 2 Year 1 Total
The balance sheets at the end of each of the first two years of operations indicate the following:
Kellman Company | ||
Year 2 | Year 1 | |
Total current assets | $607,060 | $559,494 |
Total investments | 66,615 | 48,696 |
Total property, plant, and equipment | 864,921 | 729,029 |
Total current liabilities | 105,213 | 83,487 |
Total long-term liabilities | 297,920 | 242,847 |
Preferred 9% stock, $100 par | 91,685 | 91,685 |
Common stock, $10 par | 570,391 | 570,391 |
Paid-in capital in excess of par-common stock | 62,993 | 62,993 |
Retained earnings | 410,394 | 285,816 |
Using the balance sheets for Kellman Company, if net income is $114,723 and interest expense is $40,083 for Year 2, what is the return on total assets for the year (round percent to two decimal points)?
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