Clevenger, Inc. issued 8,000 shares of stock at a stated value of $10 per share. The total issue of stock sold for $15 per share. The journal entry to record this transaction would include a credit to Common Stock for $120,000 acredit to Common Stock for $80,000. adebit to Cash for $80,000 adebit to Paid-in-Capital in Excess of Par Value for $40,000. Ferman Corporation had net income of $140,000 and paid dividends of $40,000 to common stockholders and $20,000 to preferred stockholders in 2022. Ferman Corporation's common stockholders' equity at the beginning and end of 2022 was $870,000 and $1,130,000, respectively. Ferman Corporation's payout ratio for 2022 was 14.3% 4.0% 28.6% 42.9%