Which of the following does not describe the impact of a firm's capital structure on ROA and ROCE?

Multiple Choice

For a firm with no debt, ROCE will likely be the same as the ROA.

For a high$-$debt firm experlencing a profitable year, ROCE will likely be higher than ROA if the debt was used to support operations.

A highly leyered firm can be advantageous to common stockholders.

For a high$-$debt firm experlencing a profitable year, ROCE will likely be lower than ROA if the debt was not used to support operations.