Table 2A Friedel Company
Income Statement for 2019
Sales B Cost of goods B Depreciation B Administrative expense Operating profit B Interest Earnings before taxes B Taxes Earnings after taxes		$ 945 618 20 210 97 35 62 12 $ 50
Balance Sheet as of December 31, 2019
Assets		Liabilities
Cash Accounts receivable Inventory Current Assets Fixed assets Total Assets	$ 105 367 210 682 440 $ 1,122	Notes payable Accounts payable Accruals Current liabilities Long-term debt Common stock Retained earnings Total Liab.+Equity		$ 165 305 40 510 300 102 210 $ 1,122

With reference to Friedel Company financial statements above: What was Friedels return on equity in 2019?

16.0 percent

32.8 percent

4.5 percent

26.0 percent