Current Attempt In Progress The stockholders'equity accounts of Novak Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 12,500 shares authorized) $750,000 Common Stock ($4 stated value, 750,000 shares authorized) 2,500,000 Paid-in Capital in Excess of Par Value-Preferred Stock 37,500 Paid-in Capital in Excess of Stated Value-Common Stock 1,200,000 Retained Earnings 1,720,000 Treasury Stock (12,500 common shares) 100,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 12,500 shares of common stock for $75,000 Mar. 20 Purchased 2,500 additional shares of common treasury stock at $7 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, 2022. Dec. 31 Determined that net income for the year was $700,000. Paid the dividend declared on December 1. Your answer is partially correct. Date Account Titles and Explanation Debit Credit Feb. 14 Cash 75,000 Common Stock 50000 Paid-in Capital in Excess of Par Value-Common Stock 25000 Mar. 20 Treasury Stock 17500 Cash 17500 Oct. 1 Cash Dividends Dividends Payable Nov. 1 Dividends Payable Dec. 1 Cash Dividends Dividends Payable 11250 Preferred Stock 1/1 Bal. 750,000 12/31 Bal. 750,000 Common Stock 1/1 Bal. 2,500,000 2/1 50000 12/31 Bal. 2,550,000 Paid-in Capital in Excess of Par Value-Preferred Stock 1/1 Bal. 17500 12/31 Bal. : 17500 Paid-in Capital in Excess of Stated Value-Common Stock 1/1 Bal. 1.200,000 I 2/1 25000 12/31 Bal. 1225000 Retained Earnings Retained Earnings 12/31 1/1 Bal. 12/31 12/31 Bal. Cash Dividends 10/1 12/31 3 12 12/ 12 12/31 Bal. 9 Treasury Stock 1/1 Bal. 30 3/20 12/31 Bal C M NOVAK CORP. Partial Balance Sheet December 31, 2022 Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock Common Stock Total Capital Stock Additional Paid-in Capital Pald-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Par Value-Common Stock Total Additional Pald-in Capital Total Paid-in Capital Retained Earnings Pald-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Par Value-Common Stock Total Additional Paid-in Capital Total Pald-in Capital Retained Earnings Total Pald-in Capital and Retained Earnings + Less : Treasury Stock Total Stockholders'Equity eTextbook and Media List of Accounts LIST OF Accounts X Your answer is incorrect. 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 earning per share to 2 decimal places, . $2.66 and all other answers to 1 decimal place. 17.5%.) Payout ratio Earnings per share Return on common stockholders' equity eTextbook and Media List of Accounts