Adjusting for Negative Equity Phillip Morris reported the following information in its 2018 Form 10-K. Stockholders' (Deficit) Equity $ millions Dec. 31, 2018 Dec. 31, 2017 Common stock, no par value (2,109,316,331 shares issued in 2018 and 2017) $0 $0 Additional paid-in capital 1,939 1,972 Earnings reinvested in the business 31,324 30,158 Accumulated other comprehensive losses (10,111) (8,535) Total stockholders' equity before treasury stock 23,152 23,595 Less: cost of repurchased stock (554,736,610 and 556,098,569 shares in 2018 and 2017, respectively) 35,301 35,382 Total PMI stockholders' deficit (12,149) (11,787) Noncontrolling interests Net earnings 1,720 1,856 Total stockholders' deficit $(10,429) $(9,931) $8,286 Net earnings attributable to noncontrolling interests Net earnings attributable to PMI 375 $7,911 a. Compute ROE for 2018 using the equity numbers as reported. Note: Round the percentage to one decimal place (for example, enter 14.6% for 14.55555%). (81.4) % How do you interpret this ratio? Ratio is not interpretable b. Add back treasury shares to adjust for the company's negative equity. Recompute ROE for 2018. Note: Round the percentage to one decimal place (for example, enter 14.6% for 14.55555%). 32.9 %