1.At the end of the fiscal year ending June 30, 2003, Microsoft reported common equity of S64.9 billion on its balance sheet, with $49.0 billion invested in financial assets ( debt. For fiscal year 2004, the firm reported $7.4 billion in comprehensive income, of which $1.1 billion was after-tax earnings on the financial assets. This month in the form of cash equivalents and short term investments) and no financing Microsoft is distributing S34 billin of financial assets to shareholders in the form of a special dividend. a. Calculate Microsoft's return on common equity (ROCE) for 2004 Holding all else constant what would Microsoft's ROCE be after the payout of $34 billion? b. 5