On January 1, 2022, Cheyenne Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 67,000 shares issued and outstanding) $670,000 Paid-in Capital in Excess of Par Value 482,000 Retained Earnings 620,000 During the year, the following transactions occurred. Jan. 15 Declared a $0.50 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 $13 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 $354,000. Your Answer Correct Answer Your answer is partially correct. Calculate the payout ratio and return on common stockholders' equity. (Round answers to 1 decimal place, e.g. 12.5%.) Payout ratio 19.8 % Return on common stockholders' equity % e Textbook and Media Solution List of Accounts