Question: I am looking for help with this general accounting question using proper accounting standards. During 2022, Summit Corp. had a net income of $400,000. Its

I am looking for help with this general accounting question using proper accounting standards.

During 2022, Summit Corp. had a net income of $400,000. Its common stockholders' equity was $600,000 at January 1, 2022, and $750,000 at December 31, 2022. Summit had 12,000 outstanding shares of 7%, $40 par value cumulative preferred stock. During December 2022, the board of directors declared the annual preferred stock dividend and a $75,000 common stock dividend. Calculate Summit Corp.'s 2022 return on common stockholders' equity

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