Sunland Ltd. has a September 30 fiscal year end and a 15% income tax rate. The following information is available for its 2024 end: 1. Earned $609,400 of service revenue and incurred $509,200 of operating expenses. Interest expense was $2,880. 2. On October 5, 2023, paid $57,600 of dividends that had been declared on September 25,2023. 3. On September 28,2024, declared $46,080 of dividends payable on October 8, 2024. 4. Retained earnings on September 30,2023 , were $273,600. 5. Issued common shares for $28,800 cash on July 2,2024. Prepare an income statement. Journalize the adjustment for income tax assuming no income tax instalments were made during the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Larkspur 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 44,800 common and 1,280 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 $367,360. During 2024, the company had profit of $160,000 and declared a total of $96,000 of dividends, of which $72,000 was paid during the year. 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, eg. 15.75\%) Return on equity % Sunland Ltd. has a September 30 fiscal year end and a 15% income tax rate. The following information is available for its 2024 end: 1. Earned $609,400 of service revenue and incurred $509,200 of operating expenses. Interest expense was $2,880. 2. On October 5, 2023, paid $57,600 of dividends that had been declared on September 25,2023. 3. On September 28,2024, declared $46,080 of dividends payable on October 8, 2024. 4. Retained earnings on September 30,2023 , were $273,600. 5. Issued common shares for $28,800 cash on July 2,2024. Prepare an income statement. Journalize the adjustment for income tax assuming no income tax instalments were made during the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Larkspur 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 44,800 common and 1,280 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 $367,360. During 2024, the company had profit of $160,000 and declared a total of $96,000 of dividends, of which $72,000 was paid during the year. 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, eg. 15.75\%) Return on equity %