11. The following data are provided:

	December 31,
	2021		2020
5% Cumulative preferred stock, $50 par	$95000		$95000
Common stock, $10 par	137000		94000
Additional paid-in capital	77000		74000
Retained earnings (includes current year net income)	251000		216000
Net income	48000

Additional information: On May 1, 2021, 5100 shares of common stock were issued. The preferred dividends were not declared during 2021. The market price of the common stock was $50 at December 31, 2021. The rate of return on common stock equity for 2021 is calculated as

48 422.

48 465.

43 422.

43 465.