The records of Marshall Company include the following:

Average total assets	$4,150,000
Average total liabilities	1,870,000
Total revenue	4,430,000
Total expense (including income tax)	3,970,000
Interest expense (included in total expenses)	103,000
Income tax rate 35%

The return on assets is closest to: (The company uses the 'net of interest' method of calculating ROA.)

23.11%.

11.08%.

12.70%.

24.60%.