CBEE lars 20. The following information is from financial statements (in millions of do Total assets 150S Net financial assets 90 financial obligations 15S common equity 75S What was the value of the operating assets? A. 45 B. 60 C. 75 D. 135 21.At the end of the fiscal year ending June 30, 2003, Microsoft reported common equity of $64.9 billion on its balance sheet, with $49.0 billion invested in financial assets (in the form of cash equivalents and short term investments) and no financing 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 Microsoft is distributing $34 billion 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 S34 billion? b