Kienle Corporation's Year 2 income statement appears below:Income StatementSales$1,280,000 Cost of goods sold 800,000 Gross margin 480,000 Operating expenses 419,857 Net operating income 60,143 Interest expense 12,000 Net income before taxes 48,143 Income taxes (30%) 14,443 Net income$33,700 The company's total assets at the end of Year 2 amounted to $1,359,000 and at the end of Year 1 to $1,320,000. The company's return on total assets for Year 2 is closest to:
A. 2.48%
B. 2.52%
C. 3.10%
D. 3.14%
Answer: D
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