Cullumber Company has $1,110,000 in assets and $1,110,000 in stockholders equity, with 40,500 shares outstanding the entire year. It has a return on assets of 10%. During 2021, it had net income of $111,000. On January 1, 2022, it issued $440,000 in debt at 6% and immediately repurchased 20,250 shares for $440,000. Management expected that, had it not issued the debt, it would have had net income of $111,000 in 2022. Assume the company pays dividends on common stock equal to its net income each year. Also, assume the accrued interest on the debt was paid at December 31, 2022 and the company has no other debt outstanding at year-end.

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Determine the companys net income and earnings per share for 2021 and 2022. (Ignore taxes in your computations.) (Round earnings per share to 2 decimal places, e.g. $2.66.)

		2021		2022
Net income		$enter net income in dollars		$enter net income in dollars
Earnings per share		$enter earnings per share in dollars rounded to 2 decimal places		$enter earnings per share in dollars rounded to 2 decimal places

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Compute the companys return on common stockholders equity for 2021 and 2022. (Round answers to 2 decimal places, e.g. 15.25%)

		2021			2022
Return on common stockholders equity		enter return on common stockholders equity ratio in percentages rounded to 0 decimal places	%		enter return on common stockholders equity ratio in percentages rounded to 0 decimal places	%

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Compute the companys debt to assets ratio for 2021 and 2022. (Round answers to 2 decimal places, e.g. 15.25%)

		2021		2022
Debt to assets ratio		enter debt to assets ratio in percentages rounded to 0 decimal places	%	enter debt to assets ratio in percentages rounded to 0 decimal places	%