The following information is from the books of Eastern Corporation.
Net income $170,000
Preferred dividends 24,000
Interest expense 17,500
Beginning of the year amounts:
Total assets 900,000
Total liabilities 375,000
Total common stockholders' equity 395,000
End of the year amounts:
Total assets 930,000
Total liabilities 405,000
Total common stockholders' equity 435,000
what is the rate of return on assets for Eastern Corporation?