In 2017, Pennington Corporation had net sales of $594,000 and cost of goods sold of $350,000. Operating expenses were $152,000, and interest expense was $7,500. The is 31%. The corporation declared preferred dividends of $12,000 in 2017, and its average common stockholders' equity during the year was si 66,000. Prepare an income statement for Pennington Corporation. PENNINGTON CORPORATION Cost ef Geods Sold Gross Profit/ (Loss) Operating Expenses 350000 44000 152000 2000 compute Pennington Corporation's return on common stockholders' equity for 2017. (Reand answer to i decima,lace es. ia,%) Return on common stockholders equity