Delphian Corporation’s balance sheet as of December 31, 2024, follows:

Requirements 

1. Journalize Delphian’s transactions for 2025.
2. Prepare the stockholders’ equity section of the balance sheet as of December 31, 2025.
Assume Delphian had net income of $20,000,000 during 2025 and that Cash Dividends and Stock Dividends have been closed to the Retained Earnings account.
3. Determine Delphian’s earnings per share for 2025.
4. Assuming Delphian’s market value per common share as of December 31, 2025, was $15, calculate Delphian’s price/earnings ratio for 2025. 

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30 Nov. 1 DELPHIAN CORPORATION Balance Sheet (Partial) December 31, 2024 Stockholders' Equity 30 Dec. 1 20 Paid-In Capital: Common Stock-$1 Par Value; 11,000,000 shares authorized, 8,000,000 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity $ 8,000,000 200,000 8,200,000 During 2025, Delphian Corporation had the following transactions: Jan. 1 Issued 10,000 shares of common stock for $10 per share. Issued 2,000 shares of common stock for $8 per share. Feb. 15 Mar. 1 Declared a $0.20 per share cash dividend on its common stock to be paid on March 30. Date of record: March 15. Paid the cash dividend to stockholders. Declared a 1% common stock dividend on all common stock outstanding. Current market price of the stock was $8. Date of record: Nov. 15. Distributed stock to stockholders. 800,000,000 $ 808,200,000 Purchased 5,000 shares of treasury stock-common at $12 per share. Sold 3,000 shares of treasury stock-common at $14 per share.