The balance sheets at the end of each of the first two years of operations...
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Accounting
The balance sheets at the end of each of the first two years of operations indicate the following:
Kellman Company
Year 2
Year 1
Total current assets
$622,481
$585,485
Total investments
62,154
51,217
Total property, plant, and equipment
896,052
624,980
Total current liabilities
117,730
85,474
Total long-term liabilities
286,267
235,152
Preferred 9% stock, $100 par
89,915
89,915
Common stock, $10 par
553,312
553,312
Paid-in capital in excess of par-common stock
69,074
69,074
Retained earnings
464,389
228,755
Using the balance sheets for Kellman Company, if net income is $111,103 and interest expense is $38,870 for Year 2, what is the return on stockholders' equity for Year 2 (round percent to two decimal points)?
Select the correct answer.
8.81%
7.03%
10.49%
10.55%
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