The following table provides selected financial information for Ford Motor Company and General Motors Company for the fiscal year 2023:

($ millions)	Ford Motor Company	General Motors Company
Net sales	$154,121	$165,450
Cost of sales	124,731	124,675
Gross profit	29,390	40,775
Operating expenses:
Selling, general, and administrative	13,282	14,132
Research and development	7,925	6,723
Operating income	8,183	19,920
Interest and other (income) expense	2,476	3,442
Interest and investment income	(1,145)	(1,030)
Earnings before provision for income taxes	6,852	17,508
Provision for income taxes	1,541	3,877
Net earnings	$5,311	$13,631

Required: a. Compute the return on equity (ROE), return on assets (ROA), and return on financial leverage (ROFL) for Ford Motor Company and General Motors Company. Assume a tax rate of 26%. b. Break down the ROA into profit margin (PM) and asset turnover (AT) for both companies. Identify the primary drivers of their ROA. c. Assess the trend in net earnings over the past five years. What does it indicate about the overall financial health of the companies? d. Evaluate the debt-to-equity ratio for Ford Motor Company and General Motors Company. What does it imply about their financial risk and leverage? e. Compare the research and development (R&D) expenses as a percentage of sales for Ford Motor Company and General Motors Company. What can be inferred about their investment in innovation?