Fat Doughnuts Corporation's condensed balance sheets for Year 2021 and 2020 are reproduced below:

Assets 2021 2020

Accounts Receivable $ 250,000 $ 450,000

Inventory $180,000 $120,000

Goodwill $500,000 $300,000

PPE $1,600,000 $1,800,000

Total assets $2,530,000 $2,670,000

Liabilities and Equity

Accounts Payable $50,000 $70,000

Provisions $20,000 $20,000

Current Debt $200,000 $200,000

Noncurrent Debt $675,000 $675,000

Common stockholders' equity 1,585,000 1,705,000

Total liab and shrhdrs equity $2,530,000 $2,670,000

Additional Information:

Net income after tax for 2021 is $180,000. This includes interest expense at the rate of 8% on the debt. Income tax rate is 30%. Dividends were $300,000 in both 2020 and 2021.

Required:

Compute ROE for 2021 and disaggregate it into RNOA, Spread and Leverage. Show all calculations using average balance sheet items where appropriate.