Metlock 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, 2021, there were 35,000 common and 1,900 preferred shares issued. The common shares had been issued at an average per share amount of $10; the preferred shares at $106. The balance in the Retained Earnings account on January 1, 2021, was $298,000. During 2021, the company had profit of $118,000 and declared a total of $75,500 of dividends, of which $60,000 was paid during the year.

* Your answer is incorrect. Calculate return on equity for 2021. Assume there were no changes in the Common Shares and Preferred Shares accounts during the year. (Round answer to 2 decimal places, e.g. 52.75%.) Return on equity 19.83 % e Textbook and Media Assistance Used e Textbook List of Accounts