2. Return Calculations (LO3, CFA7) Use the following balance sheet for Paul Bunyan Lumber Co.

along with the income statement in Question 1 to calculate return on assets and return on equity:

Paul Bunyan Lumber 2019 Balance Sheet Cash and cash equivalents $ 400 Operating assets 400 Property, plant, and equipment 3,160 Other assets 216 Total assets $ 4,176 Current liabilities $ 720 Long-term debt 612 Other liabilities 60 Total liabilities $ 1,392 Paid-in capital $ 600 Retained earnings 2,184 Total shareholder equity $ 2,784 Total liabilities and equity $ 4,176