Calculate the rate of return on assets for Year 2 using the…
Calculate the rate of return on assets for Year 2 using the following selected information: Net income Year 2 $603,480 Net income Year 1 $439,955 Retained earnings Year 2 $1,430,500 Total assets Year 1 $4,341,850 Total assets Year 2 $4,789,240 Interest expense Year 1 $43,340 Interest expense Year 2 $46,195 Tax rate: 35%