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Tamarisk 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 33,500 common and 1,000 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 $ 286,500. During 2021, the company had profit of $ 117,000 and declared a total of $ 79,000 of dividends, of which $ 60,000 was paid during the year.
Problem 1: Calculate return on equity for 2021. Assume there were no changes in the Common Shares and Preferred Shares accounts during the year.
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