The King Mattress Company had the following operating results for 2018-2019. In addition, the company paid dividends in both 2018 and 2019 of $61,200 per year and made capital expenditures in both years of $30,000 per year. The company's stock price in 2018 was $8 and $7 in 2019. The industry average earnings multiple for the mattress industry was 9 in 2019 and the free cash flow and sales multiples were 18 and 1.5, respectively. The company is publicly owned and has 1,500,000 shares of outstanding stock at the end of 2019. Balance Sheet, Dec 31, 2019 2018 Cash $ 344,000 $ 104,000 Accounts Receivable $ 354,000 $ 404,000 Inventory $ 254,000 $ 304,000 Total Current Assets $ 952,000 $ 812,000 Long-lived Assets 1, 120,000 1,140,000 Total Assets $2,072,000 $1,952,000 Current Liabilities $ 204,000 $ 304,000 Long-term Debt 604,000 504,000 Shareholder Equity 1,264,000 1, 144,000 Total Debt and Equity $2,072,000 $1,952,000 Income Statement, for year ended Dec 31, 2019 2018 Sales $4,770,000 $4,520,000 Cost of Sales 4,116,000 4,016,000 Gross Margin 654,000 504,000 Operating Expenses 352,000 402,000 Operating Income 302,000 102,000 Taxes 120,800 40,800 Net Income $ 181,200 $ 61,200 2018 $ 61,200 50,000 Cash Flow From Operations Net Income Plus Depreciation Expense + Decrease (-inc) in AccRec. and Inv. + Increase (-dec) in Cur. Liabl. Cash Flow from Operations 2019 $ 181,200 50,000 100,000 (100,000) $ 231,200 $111,200 Return on equity for 2019 is (rounded): Multiple Choice 11.1% 15.0% O O 18.4% 14.1% O