Choose one answer for each part

Part $1$:

Leverage Ratio conclusion, overall:

The firm is leveraged, and the level is higher than the industry average.

The firm is leveraged, but the level is lower than the industry average.

The firm is leveraged, at the industry average level.

The firm is not leveraged.

Part $2$:

Leverage Ratio conclusion, trend:

Leverage increased, primarily due to a reduction in Equity.

Leverage increased, primarily due to an increase in Liabilities.

Leverage decreased, primarily due to an increase in Equity.

Leverage decreased, primarily due to a decrease in Liabilities.