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 36,400 common and 1,040 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 $298,480. During 2024 , the company had profit of $130,000 and declared a total of $78,000 of dividends, of which $58,500 was paid during the year. (a) Your answer is correct. Prepare the shareholders' equity section of the balance sheet on December 31, 2024. 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. 15.75\%.) Return on equity %