1) Journalize The Transactions; Dr. and Cr. Amounts on Dec 1 and Dec 31.

2) Enter The Beginning Balance; Retained Earnings and Dividends Payable.

3) The Balance Sheet; Retained Earnings, Total Paid-in Capital and Retained Earnings, and Total Stockholders Equity.

4) Calculate the Payout Ratio and the Earnings Per Share.

Problem 11-2A The stockholders' equity accounts of Martinez Corp. on January 1, 2017, were as follows. Preferred Stock (796, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (5,000 common shares) $300,000 1,000,000 15,000 480,000 689,000 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 5,000 shares of common stock for $30,000. Mar. 20 Purchased 1,000 additional shares of common treasury stock at $8 per share. Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1 Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Dec. 31 Determined that net income for the year was $275,700. Paid the dividend declared on December 1