On January 1, 2020, Agassi Corporation had the following stockholders equity accounts.

Common Stock ($10 par value, 50,000 shares issued and outstanding)		$500,000
Paid-in Capital in Excess of ParCommon Stock		480,000
Retained Earnings		600,000

During 2020, the following transactions occurred.

Jan. 15		Declared and paid a $1.05 cash dividend per share to stockholders.
Apr. 15		Declared and paid a 10% stock dividend. The market price of the stock was $13 per share.
May 15		Reacquired 1,800 common shares at a market price of $15 per share.
Nov. 15		Reissued 900 shares held in treasury at a price of $18 per share.
Dec. 31		Determined that net income for the year was $360,000.

a1) Journalize the above transactions. (Include entries to close net income to Retained Earnings.)

a2) Determine the ending balances for Paid-in Capital, Retained Earnings, and Stockholders Equity.

b) Calculate the payout ratio and the return on common stockholders equity