Can you please break this down for me on how you got the answer?

Can you please break this down for me on how you got the answer? The
formula I have is ROE= Net Income/Book of Value Shareholders Equity but I am still getting the wrong answer…

Thank you!

American Bacon Inc. financial statements are presented in the table below.
Based on the information in the table, calculate Return on Common Equity.
Round the answers to two decimal places in percentage form.
Balance Sheet December 31, 2010
Cash and marketable securities$102,000
Accounts payable $287,000
Accounts receivable$299,000
Notes payable$61,200
Inventories$628,000
Accrued expenses$51,900
Prepaid expenses$10,300
Total current liabilities$400,100
Total current assets$1,039,300
Long-term debt$415,000
Gross fixed assets$1,502,000
Par value and paid-in-capital $376,000
Less: accumulated depreciation$312,000
Retained Earnings$1,038,200
Net fixed assets $1,190,000
Common Equity1,414,200
Total assets$2,229,300
Total liabilities and owner’s equity$2,229,300

Income statement, Year of 2010

Net sales (all credit)$6,387,700.00
Less: Cost of goods sold$4,726,898.00
Selling and administrative expenses$345,000.00
Depreciation expense$148,000.00
EBIT$1,167,802.00
Interest expense$50,600.00
Earnings before taxes$1,117,202.00
Income taxes$446,880.80
Net income $670,321.20

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