Extracts from the most recent profit and loss account and balance sheet of X Ltd are given below:

Profit and Loss Account for the year ended 31 December 2007

$

Operating profit 455,000

Debenture interest (35,000)

Profit before tax 420,000

Taxation (175,000)

Profit after tax 245,000

Dividends (50,000)

Retained profit for the year 195,000

Balance sheet at 31 December 2007

$

Total assets less current liabilities 5,000,000

Share capital 1,000,000

Share premium 3,100,000

Retained profits 400,000

7% Debentures 500,000

Required: Calculate the following ratios: (i) return on capital employed (ii) post-tax return on shareholders funds (iii) gearing (debt to equity)