On January 1, 2022, Lily Corporation purchased 1,100 shares of treasury stock. Other information regarding Lily Corporation is provided as follows.
2021
2022
Net income
$205,000 $220,000
Dividends on preferred stock
33,000 33,000
Dividends on common stock
22,000 23,000
Common stockholders’ equity beginning of year
604,000 662,000
Common stockholders’ equity end of year
662,000 747,000
(a) Compute return on common stockholders’ equity for each year. (Round answers to 1 decimal place, e.g. 10.5%.)