Your answer is incorrect. Ivanhoe Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Assets Current assets Ivanhoe Medical Comparative Balance Sheet As of December 31 2020 2019 Cash $380,000 $417,500 Accounts receivable, net 1,035,000 776,500 Inventory 726,000 681,050 Other current assets 381,400 247,000 Total current assets 2,522,400 2,122,050 Property, plant, & equipment, net 8,738,625 8,439,845 Total assets $11,261,025 $10,561,895 Liabilities and Stockholders' Equity Current liabilities $3,201,000 $2,846,100 Long-term debt 3,702,650 3,892,600 Total liabilities 6,903,650 6,738,700 Preferred stock, $5 par value 58,900 58,900 Common stock, $0.25 par value 104,700 103,900 Retained earnings 4,193,775 3,660,395 Total stockholders' equity Total liabilities and stockholders' equity $11,261,025 $10,561,895 4,357,375 3,823,195 Ivanhoe Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $10,177,200 $9,613,900 Cost of goods sold 5,613,150 5,298,750 Gross profit 4,564,050 4,315,150 Operating expenses 2,840,250 2,634,150 Net operating income 1,723,800 1,681,000 Interest expense 300,400 308,650 Net income before taxes 1,423,400 1,372,350 Income taxes (30%) 427,020 411,705 Net income $996,380 $960,645 Dividends paid Preferred dividends 29,550 29,550 Common dividends 433,450 413,050 Total dividends paid 463,000 442,600 Net income retained 533,380 518,045 Retained earnings, beginning of year 3,660,395 3,142,350 Retained earnings, end of year $4,193,775 $3,660,395 Calculate the following profitability ratios for 2020. (Round answers to 1 decimal place, e.g. 50.1%.) a. Gross margin percentage b. Return on assets 61.3 % 1.6 do % 5.7 c. Return on common stockholders' equity %