The comparative financial statements prepared at December 31, 2017, for Pinnacle Plus showed the following summarized data: 2017 2016 Income Statement Sales Revenue* Cost of Goods Sold $130,000 $119,000 60,000 56,000 Gross Profit Operating Expenses Interest Expense 70,000 42,000 3,000 63,000 39,000 3,000 Income before Income Tax Expense Income Tax Expense (308) 25,000 7,500 21,000 6,300 Net Income $ 17,500 $ 14,700 Balance Sheet Cash Accounts Receivable, Net Inventory Property and equipment, Net $ 50,147 $ 17,700 27,000 42,000 35,000 28,000 75,000 85,000 Total Assets $ 187,147 $172,700 Accounts Payable Income Tax Payable Note Payable, Long-Term $ 24,847 900 30,000 22,800 400 30,000 Total Liabilities Contributed Capital (9,300 shares) Retained Earningst 55, 747 93,000 38,400 53,200 93,000 26,500 Total Liabilities and Shareholders' Equity $ 187,147 $172,700 One-half of all sales are on credit. touring 2017, cash dividends amounting to $5,600 were declared and paid. Required: 1-a. Compute the gross profit percentage in 2017 and 2016. (Round your answers to 1 decimal place.) Answer is complete but not entirely correct. Gross Profit Percentage 53.9 % 52.9 % 2017 2016 4-a. Shareholders' equity totalled $100,000 at the end of 2015. Compute the return on equity (ROE) ratios for 2017 and 2016. (Round your answers to 1 decimal place.) Answer is complete but not entirely correct. 2017 Return on Equity 18.7 % 15.3 % 2016