9-33 Ringland Glass Corporation showed the following balances in its income statement accounts at the end of 2014: Interest expense Sales (net) Selling expenses Interest revenue Cost of goods sold General expenses $ 1400 585,000 54,200 3,200 350,700 31,900 The corporation pays income taxes at a rate of 40%. It had average stockholders' equity during 2014 of $500,000, and stockholders owned 30,000 shares of its common stock during all of 2014 Required: (I) Prepare a 2014 income statement for Ringland Glass Corporation. (2) Compute the return on owners' (stockholders') equity of Ringland Glass Corporation for 2014. How does this compare with the industry average of 14,8%