The financial statements of Miller Instruments, Inc. are given below. Miller Instruments, Inc. I Income Statement (2020) Sales $8,000,000 Cost of goods sold 5,260,000 Gross profit 2,740,000 Selling and administrative expenses 1,350,000 Depreciation 150,000 EBIT 1,240,000 Interest expenses 140,000 Income before tax 1,100,000 Tax expense 440,000 Net income $660,000 Balance Sheet Cash Accounts receivable Inventory Total current assets Fixed assets Total assets 2020 2019 $200,000 $50,000 1,200,000 950,000 1,840,000 1,500,000 3,240,000 2,500,000 3,200,000 3,000,000 $6,440,000 $5,500,000 Accounts payable Bank loan Total current liabilities Bonds payable Total liabilities Common stock (130,000 shares) Retained earnings Total liabilities & equity 800,000 720,000 600,000 100,000 1,400,000 820,000 900,000 1,000,000 2,300,000 1,820,000 300,000 300,000 3,840,000 3,380,000 $6,440,000 $5,500,000 Note: The common shares are trading in the stock market for $40 each. 12. The firm's P/E ratio for 2020 is 13. The firm's price to book value ratio for 2020 is 14. The firm's price to sales ratio for 2020 is 15. The firm's Enterprise value (EV)/EBITDA ratio for 2020 is 16. Calculate the firm's return on equity (ROE) using the DuPont identity