Herman Corporation had net income of $120,000 and paid dividends of $24,000 to common stockholders and $20,000 to preferred stockholders in 2014. Herman Corporation's common stockholders' equity at the beginning and end of 2014 was and $550,000, Herman Corporation's payout ratio for 2014 is respectively. 1) 5%. 2) 20%. 3) 17% 4) 10%. Question 47 (3.4 points) If Pratt Company issues S,000 shares of $5 par value common stock for $210,000, the account 1) Common Stock will be credited for $185,000. 2) Paid-in capital in Excess of Par value will be credited for $210,000 3) Paid-in Capital Excess of Par value will be credited for $235,000 4) Cash will be debited for $210,000. Question 48 (3.4 points) A corporation has the following account balances: Common Stock, $1 par value, $80,000; Paid in Capital in Excess of Par Value, $2,200,000. Based on this information, the 1) legal capital is $2,780,000. 2) number of shares issued is 80,000. 3) number of shares outstanding is 2,780,000. 4) average price per share issued is $3.48