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The stockholders' equity accounts of Indigo Corporation on January 1, 2022, were as follows. $600,000 2,000,000 Preferred Stock (7%, $100 par noncumulative, 10,000 shares authorized) Common Stock ($4 stated value, 600,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings 30,000 960,000 1,376,000 Treasury Stock (10,000 common shares) 80,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar. 20 Oct. 1 Issued 10,000 shares of common stock for $60,000. Purchased 2,000 additional shares of common treasury stock at $7 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2 Nov. 1 Dec 1 Dec 31 Determined that net income for the year was $550,000. Paid the dividend declared on December 1. 4.72 / 12 Part 1 Joumalize the transactions. (Include entries to close net income and dividends to Retained Earnings:) (Record entries in the order displayed in the problem statement Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to O decimal places, es 5,275.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash (To record net income) (To close cash dividends) 12/31 Bal. 2040000 Paid-in Capital in Excess of Stated Value-Common Stock 1/1 Bal. 960000 2/1 20000 12/31 Bal 980000 Retained Earnings 12/31 Bal. 291000 1/1 Bal 1376000 12/31 550000 12/31 Bal. 1635000 Cash Dividends 42000 12/31 V 29100 10/1 12/1 249000 UA UUUUU Cash Dividends 10/1 42000 12/31 29100 12/1 249000 Treasury Stock 80000 1/1 Bal. 14000 3/20 94000 12/31 Bal. Part 3 Prepare the stockholders' equity section of the balance sheet at December 31, 2022 INDIGO CORPORATION Partial Balance Sheet Adad Calculate the payout ratio, earnings per share, and return on common stockholders' equity. (Note: Use the common shares outstanding on January 1 and December 31 to determine the average shares outstanding.) (Round answers to 2 decimal places, es 17.50%.) 52.91 % Payout ratio $ 1.03 Earnings per share 11.52 Return on common stockholders' equity e Textbook and Media