Sage Hill 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 38,500 common and 1,200 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, 2021, was $291,500. During 2021, the company had profit of $120,000 and declared a total of $68,000 of dividends, of which $53,000 was paid during the year. Prepare the shareholders' equity section of the balance sheet on December 31, 2021.

SAGE HILL LIMITED Balance Sheet (Partial) choose the accounting period

select an opening section name select an opening subsection name enter a balance sheet item $enter a dollar amount enter a balance sheet item enter a dollar amount select a closing subsection name enter a subtotal of the two previous amounts enter a balance sheet item enter a dollar amount select a closing section name $enter a total amount for this section eTextbook and Media List of Accounts Question Part Score--/8 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 enter Return on equity in percentages rounded to 2 decimal places % eTextbook and Media List of Accounts Question Part Score--/2 Attempts: 0 of 2 used