The following numbers were calculated from the financial statements for a firm for 2009 and 2008:

Explain to what extent the change in common equity from 2008 to 2009 is due to sales growth, net assets required to support sales, and borrowing. Box 12.10 will helpyou.

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2009 2008 Return on common equity (ROCE) Return on net operating assets (RNOA) Sales (millions) Average net operating assets (nilions) Average net financíal obligations (milfons) Average common equity (millions) 15.2% 1 1.28% $16,754 S 6,981 S 2,225 4,756 13.3% 12.75% 11,035 4,414 241 S 4,173