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The stockholders' equity accounts of Ayayai Corp. on January 1, 2022, were as follows. $720,000 2,400,000 Preferred Stock (7%, $100 par noncumulative, 12,000 shares authorized) Common Stock ($4 stated value, 720,000 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 (12,000 common shares) 36,000 1,152,000 1,651,200 96,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 12,000 shares of common stock for $72,000. Mar. 20 Purchased 2,400 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 $672,000. Paid the dividend declared on December 1. Your answer is partially correct. Try again. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order disp manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to Od Debit Credit Date Feb. 1 Account Titles and Explanation Cash Common Stock 48000 24000 Mar. 20 Paid-in Capital in Excess of States Treasury Stock Cash Cash Dividends 16800 Oct. 1 Dividends Payable 50400 Dividends Payable 50400 Cash 50400 Dec. 1 Cash Dividends 77600 Dividends Payable 177600 Income Summary 672000 672000 Retained Earnings (To record net income) Retained Earnings 228000 III Cash Dividends 228000 (To dose cash dividends) Dec. 31 Dividends Payable Cash 177600 (To record payment of cash dividends payable) Enter the beginning balances in the accounts and post the journal entries to the stockholders' equity accounts. (Post entries in the order of journal entries posted in the previous part. For accounts that have zero ending balance date and zero for the amount.) Preferred Stock Common Stock 12/31 Bel, Paid-in Capital in Excess of Par Value Preferred Stock 1/1 Bal 12/31 Bal : Pald-in Capital in Excess of Stated Value Common Stock 1/1 Bal. Retained Earning 12/31 12/31 Bal Cash Dividends 12/31 Treasury Stock 1/1 Bal. 12/31 12/31 Bal. Your answer is partially correct. Try again. Prepare the stockholders' equity section of the balance sheet at December 31, 2022 AYAYAT CORP. Partisi Balance Sheet December 31, 2022 Stockholders' Equity Pald-in Capital Capital Stock Preferred Stock 720000 Common Stock 2000000 Total Capital Stock 3120000 Additional Paid-in Capital Poid-in Capital in Excess of Parva 36000 Paid-in Capital in Excess of Parva 1152000 Total Additional Paid-in Capital 1188000 Total Paid-in Capital 4308000 Retained Earnings 1651200 Total Paid-in Capital and Retained Earnings : 5959200 Less Treasury Stock 96000 Total Stockholders' Equity 5863200 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.) (Rou. Payout ratio 26.43 % Earnings per share 6. Return on common stockholders' equity Click if you would like to Show Work for this question: Open Show Work