For the year ended December 31, 2021, Waterway Enterprises Ltd. had the following revenues and expenses: Sales, $740,000; Cost of Goods Sold, $465,000; Operating Expenses, $105,000; and Income Tax Expense, $31,500. The company also declared $25,000 of dividends to the common shareholders on December 27 to be paid on January 15, 2022. Prepare closing entries for Waterway on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Dec. 31 (To close revenue account.) Dec. 31 (To close expense accounts.) Dec. 31 (To close Income Summary.) Dec. 31 (To close dividends.) Bonita Ltd. is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $6.50 cumulative preferred shares. On December 31, 2021, there were 13,400 common and 1,700 preferred shares issued with the following balances: Common Shares, $134,000; and Preferred Shares, $170,000. The statement of retained earnings showed retained earnings of $254,000 at December 31, 2021. The dividend on the preferred shares was two years in arrears. Prepare the shareholders' equity section of the balance sheet on December 31, 2021. Prepare the shareholders' equity section of the balance sheet on December 31, 2021. BONITA LTD. Balance Sheet (Partial) For the year ended December 31, 2017, WestJet Airlines Ltd. reported (in thousands) revenue $4,502,320; profit $283,578; beginning shareholders' equity $2,060,702; and ending shareholders' equity $2,212,524. Calculate the return on equity. (Round answer to 2 decimal places, e.g. 52.76%.) Return on equity %