Kingbird Limited is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $$5$

cumulative preferred shares. On December $31,2024,$ there were $44,100$ common and $1,260$ preferred shares issued. The common

shares had been issued at an average per share amount of $$10$; the preferred shares at $$105.$ The balance in the Retained Earnings

account on January $1,2024,$ was $$361,620.$ During $2024,$ the company had profit of $$157,500$ and declared a total of $$94,500$ of

dividends, of which $$70,875$ was paid during the year.

$($a$)$

Your answer is correct.

Prepare the shareholders' equity section of the balance sheet on December $31,2024.$

KINGBIRD LIMITED

Balance Sheet $($Partial$)$

December $31,2024$

Shareholders' Equity

Share Capital

Common Shares

Preferred Shares

Total Share Capital

Retained Earnings

eTextbook and Media

List of Accounts

Attempts: $1$ of $2$ used

Question Part Score

$($b$)$

Calculate return on equity for $2024.$ Assume there were no changes in the Common Shares and Preferred Shares accounts during

the year. $($Round answer to $2$ decimal places, e$.$g$.15\mathrm{.}75\%.)$