Exercise 13-12 (Part Level Submission) Teal Mountain Limited is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $5 cumulative preferred shares. On December 31, 2017, there were 34,000 common and 1,500 preferred shares issued. The common shares had been issued at an average per share amount of $10; the preferred shares at $105. The balance in the Retained Earnings account on January 1, 2017, was $299,000. During 2017, the company had profit of $116,000 and declared a total of $66,000 of dividends, of which $47,000 was paid during the year. (a) Your answer is correct. Prepare the shareholders' equity section of the balance sheet on December 31, 2017. TEAL MOUNTAIN LIMITED Balance Sheet (Partial) December 31, 2017 Shareholders' Equity Share Capital Common Shares 340,000 Preferred Shares 159,000 Total Share Capital 499,000 Retained Earnings 349,000 Total Shareholders' Equity 848,000 Attempts: 2 of 15 used (b) x your answer is incorrect. Try again. Calculate return on equity for 2017. Assume there were no changes in the Common Shares and Preferred Shares accounts during the year. (Round answer to 2 decimal places, e.g. 52.75%.) Return on equity 13.70|| % Attempts: 1 of 15 used