Question 4 Bramble Architects Ltd. is a private company reporting under ASPE. It is authorized to issue an unlimited number of common and $3 cumulative preferred shares. The following is an alphabetical list of its adjusted accounts at March 31, 2017, its fiscal year end. All accounts have normal balances. Accounts payable Accounts receivable Accumulated depreciation-equipment Income tax expense $17,000 Insurance expense 6,600 Interest expense 3,400 Notes payable 52,000 Preferred shares 54,000 Cash Cash dividends-common Cash dividends-preferred $22,300 40,000 24,400 55,000 41,000 4,500 75,000 406,000 12,000 14,000 224,000 Prepaid expenses 5,600 Common shares Rent expense Retained earnings Salaries expense Consulting revenue Depreciation expense Dividends payable Equipment 36,000 66,100 247,000 2,800 24,500 Salaries payable Supplies expense There are 1,500 preferred and 75,000 common shares issued. Prepare the statement of retained earnings. (List items that increase retained earnings first.) BRAMBLE ARCHITECTS LTD. Statement of Retained Earnings TA 1: $ Prepare the shareholders' equity section of the balance sheet. BRAMBLE ARCHITECTS LTD. Balance Sheet (Partial) $ $ Calculate return on equity. Note: No shares were issued during the year. (Round answer to 2 decimal places, e.g. 52.75.) Return on equity %