Analyze the following balance sheet for MNO Services as of December 31, 2023, to understand its shareholders' equity and capital structure.

MNO Services Balance Sheet	As of December 31, 2023
Assets
Current Assets
Cash	$75,000
Accounts Receivable	$40,000
Inventory	$20,000
Prepaid Expenses	$10,000
Total Current Assets	$145,000
Non-Current Assets
Property, Plant, and Equipment (PPE)	$220,000
Less: Accumulated Depreciation	$70,000
Net PPE	$150,000
Intangible Assets (Franchises)	$50,000
Total Assets	$345,000
Liabilities and Shareholders' Equity
Current Liabilities
Accounts Payable	$35,000
Short-term Debt	$15,000
Accrued Liabilities	$10,000
Total Current Liabilities	$60,000
Non-Current Liabilities
Long-term Debt	$80,000
Total Liabilities	$140,000
Shareholders' Equity
Common Stock	$120,000
Additional Paid-in Capital	$50,000
Retained Earnings	$35,000
Total Shareholders' Equity	$205,000
Total Liabilities and Shareholders' Equity	$345,000

Questions:

1. Calculate the book value per share given that there are 10,000 shares outstanding and explain its relevance to investors.
2. Determine the return on equity (ROE) and discuss how this reflects the company's ability to generate profits from its equity base.
3. Assess the debt-to-capital ratio and explain its implications for the company's capital structure and financial risk.