Your answer is partially correct. Bramble Company manufactures backpacks. During 2022, Bramble issued bonds at 12% interest and used the cash proceeds to purchase treasury stock. The following financial information is available for Bramble Company for the years 2022 and 2021. 2022 2021 Sales revenue $20,250,000 $20,250,000 Net income 5,040,000 5,625,000 Interest expense 725,000 203,000 Tax expense 1,507,500 1,687,500 Dividends paid on common stock 1,290,500 1,487,700 Dividends paid on preferred stock 435,000 435,000 Total assets (year-end) 32,625,000 37,968,750 Average total assets 35,296,875 25,756,350 Total liabilities (year-end) 8,700,000 4,350,000 Avg. total common stockholders' equity 13,630,000 20,445,000 (a) Use the information above to calculate the following ratios for both years: (Round answers to 1 decimal place, e.g. 12.5% or 12.5.) 2022 2021 (1) Return on assets 14.2 % 21.8 % (2) Return on common stockholders' equity 33.7 % 25.3 % (3) Payout ratio % % (4) Debt to assets ratio 26.7 % 11.5 % (5) Times interest earned 10 times 37 times