(Answered) Question - selected financial data for irvington company

Accounting

Question - Selected financial data for Irvington Company appear below:

Account Balances Beginning of year End of year

Preferred stock $125,000 $125,000

Common stock 300,000 400,000

Retained earnings 75,000 185,000

During the year, the company paid dividends of $10,000 on its preferred stock. The company's net income for the year was $120,000. The company's return on common stockholders' equity for the year is closest to:

a. 17%.

b. 19%.

c. 23%.

d. 25%.

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