In 2020, Pennington corporation had net sales of $600,0000 and cost of goods sold of $360,000. Operating expenses were $153,000 and interest expense was 7,500. The corporation tax rates is 30%. The corporation declared preferred dividends of 15,000 in 2020, and its average common stockholders equity during the year was $200,000

a. prepare an income statement for Pennington Corporation

b. Compute Pennington Corporation return on common stockholders equity for 2020