Teal Mountain 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 34,500 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 $104. The balance in the Retained Earnings account on January 1, 2021, was $299,500. During 2021, the company had profit of $124,500 and declared a total of $68,000 of dividends, of which $52,000 was paid during the year.

Prepare the shareholders' equity section of the balance sheet on December 31, 2021.

TEAL MOUNTAIN LIMITED Balance Sheet (Partial) choose the accounting period December 31, 2021Year Ended December 31, 2021Month Ended December 31, 2021
select an opening section name Shareholders' EquityTotal Current LiabilitiesTotal Share CapitalTotal Shareholders' EquityShare CapitalCurrent Liabilities
select an opening subsection name Total Current LiabilitiesShareholders' EquityTotal Shareholders' EquityTotal Share CapitalShare CapitalCurrent Liabilities
enter a balance sheet item		$enter a dollar amount
enter a balance sheet item		enter a dollar amount
select a closing subsection name Total Shareholders' EquityCurrent LiabilitiesTotal Current LiabilitiesShareholders' EquityTotal Share CapitalShare Capital		enter a subtotal of the two previous amounts
enter a balance sheet item		enter a dollar amount
select a closing section name Total Current LiabilitiesShareholders' EquityShare CapitalTotal Shareholders' EquityCurrent LiabilitiesTotal Share Capital		$enter a total amount for this section

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

%