The following information comes from the accounting records of Sunland Ltd. for the first three years of its existence:

2022 2023 2024

Statement of Financial Position

Assets

Cash 27000 23800 42,000

Accounts receivable 81500 73400 169600

Inventory 131500 160000 276700

Capital assets (net) 518000 541000 619200

Other assets 278900 251000 305500

1036900 1049200 1413000

Liabilities and equity

Accounts payable 119500 85500 145500

Long-term debt 241000 294200 604000

Common shares 629500 629500 629500

Retained earnings 46900 40000 34000

1036900 1049200 1413000

Statement of Earnings

Sales 499500 578500 802500

Cost of goods sold. (289710) (399165) (545700)

Other expenses (84500) (130000) (200000)

Income tax (29067) (14252) (14200)

Net income 96223 35083 42600

Based on the above information, analyze the company's use of leverage from 2022 to 2024. An average of assets and equity cannot be calculated for 2022 Return on assets and Return on equity. Use 2022-year end balances in your calculation. (Round answers to 1 decimal place, e.g. 15.1%.)

2022 2023 2024

Debt to equity

Returns on assets

Return on equity.