#The following selected data were taken from the financial statements of the Hudson Group for December 31, 2020, 2019, and 2018:

Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Total assets	$3,000,000	$2,700,000	$2,400,000
Notes payable (10% interest)	1,000,000	1,000,000	1,000,000
Common stock	400,000	400,000	400,000
Preferred $6 stock, $100 par (no change during year)	200,000	200,000	200,000
Retained earnings	1,126,000	896,000	600,000

The 2020 net income was $542,000 and the 2019 net income was $608,000. No dividends on common stock were declared between 2018 and 2020.

The Rate Earned on Total Assets for 2019 is equal to:

(Note: No special instruction is given in this problem, so use the appropriate average needed)

Question 12 options:

	16.0%
	27.8%
	23.8%
	20.0%