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Flounder Architects Ltd. is a private company reporting under ASPE It is authorized to issue an unlimited number of common and $3 cumulative preferred shares. The following is an alphabetical list of its adjusted accounts at March 31, 2021. its fiscal year end. All accounts have normal balances. $21,400 Income tax expense $15,000 Accounts payable Accounts receivable 37,000 Insurance expense 6,100 Accumulated depreciation-equipment 22,200 Interest expense 2.500 Cash 51,000 Notes payable 51.000 42.000 Preferred shares 56,250 Cash dividends-common Cash dividends-preferred 4,500 Prepaid expenses 5,500 Common shares 75.000 35,800 Rent expense Retained earnings 407.000 55.950 242,000 Consulting revence Depreciation expense Dividends payable Equipment 12,000 Salaries expense 16.000 Salaries payable 228,000 Supplies expense 2.600 26.000 There are 1.500 preferred and 75.000 common shares issued. Prepare the statement of retained earnings. (List items that increase retained earnings first.) FLOUNDER ARCHITECTS LTD. Statement of Retained Earnings $ Prepare the shareholders' equity section of the balance sheet. FLOUNDER ARCHITECTS LTD. Balance Sheet (Partial) > e Textbook and Media List of Accounts Calculate return on equity. Note: No shares were issued during the year. (Round answer to 2 decimal places, eg: 52.75.) Return on equity %