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 corporation's tax rate is 31%. The corporation declared preferred dividends of $12,000 in 2017, and its average common stockholders' equity during the year was $166,000. Prepare an income statement for Pennington Corporation. PENNINGTON CORPORATION 350000 244000 152000 92000 Cost of Goods Sold Gross Profit/fLoss) Income before Income Taxes Compute Pennington Corporation's return on common stockholders' equity for 2017, (Round answer to i decimal place, es ias%) Return on common stockholders' equity