On January 1, 2022, Bridgeport Corp. had these stockholders equity accounts. Common Stock ($10 par value, 66,500 shares issued and outstanding) $665,000 Paid-in Capital in Excess of Par Value 481,500 Retained Earnings 615,000 During the year, the following transactions occurred. Jan. 15 Declared a $0.40 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $16 per share. May 15 Issued the shares for the stock dividend. Dec. 1 Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2023. Dec. 31 Determined that net income for the year was $353,000.

Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.

Enter the beginning balances and post the entries to the stockholders equity T-accounts.

Prepare the stockholders equity section of the balance sheet at December 31.

Calculate the payout ratio and return on common stockholders equity.