Exercise 14-13 a-b In 2020, Sunland Corporation had net sales of $593,000 and cost of goods sold of $35,000. Operating expenses were $150,000 , and interest expense was $7,000. The corporation's tax rate is 30%. The corporation declared preferred dividends of $12,500 in 2020, and its average common stockholders'equity during the year was $170,000. Prepare an Income statement for Sunland Corporation. SUNLAND CORPORATION Income Statement Interest Expense Gross Profit/ (LOSS) Retained Earnings, January 1 Retained Earnings, December 31 Cost of Goods Sold Income Tax Expense Total Expenses Total Revenues Expenses Net Income / (LOSS) Dividends Income before Income Taxes Income from Operations Operating Expenses Net Sales Compute Sunland Corporation's return on common stockholders' equity for 2020. (Round answer to 1 decimal place, e.g. 10.5%.) Return on common stockholders' equity %