Presented in alphabetical order, the following data are from the accounting records of Stinson Corporation, a public company, at April 30, 2024: 

Accounts payable ........................................................................................................ $ 65,000 

Accounts receivable ........................................................................................................48,000 

Accumulated depreciation—equipment .................................................................... 72,000 

Accumulated other comprehensive income ................................................................18,000 

Bonds payable, due 2028 ..............................................................................................150,000 

Cash ...................................................................................................................................100,480

Common shares (no par value, unlimited authorized, 200,000 issued)................. 300,000 

Depreciation expense....................................................................................................... 27,500 

Dividend revenue ................................................................................................................11,000 

Equipment ..........................................................................................................................275,000 

Income tax expense ............................................................................................................82,860 

Income tax payable .............................................................................................................25,000 

Interest expense ....................................................................................................................7,500 

Interest receivable ..................................................................................................................1,680

Interest revenue ......................................................................................................................3,360 

Investment in associate........................................................................................ ............. 170,000 

Investment income or (loss) ...................................................................................................3,000 

Investments at amortized cost, bonds due 2026 ...............................................................24,000 

Investments at FVTOCI—equity........................................................................................... 220,000 

Investments at FVTPL—bonds ................................................................................................61,000 

Investments at FVTPL—equity 15,000 OCI—holding gain or (loss), net of $3,600 tax ..(12,000) 

Rent expense ............................................................................................................................ 79,000 

Retained earnings ....................................................................................................................161,660 

Salaries expense ......................................................................................................................235,000 

Service revenue .........................................................................................................................550,000   

Instructions 

Prepare a statement of comprehensive income and balance sheet at April 30, 2024. 

Calculate return on equity for Stinson Corporation on April 30, 2024. Total shareholders’ equity on April 30, 2023, was $510,400. Comment on Stinson’s operating performance assuming that the industry average return on equity is 18%.