On January 1, 2022, Flint Corporation had these stockholders' equity accounts. Common Stock ($10 par value, 74,500 shares issued and outstanding) $745,000 Paid-in Capital in Excess of Par Value 489,500 Retained Earnings 695,000 During the year, the following transactions occurred. Jan. 15 Declared a $0.60 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 $12 per share. May 15 Issued the shares for the stock dividend. Dec. 1 Declared a $0.70 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 $369,000. Your answer is partially correct. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. CH enter for the amounts.) Date Account Titles and Explanation Debit Credit (Jan. 15 9 Cash Dividends 44700 Dividends Payable 44700 (Feb. 15 - Dividends Payable 44700 Cash 44700 (Apr. 15 Stock Dividends 89400 Common Stock Dividends Distributable 74500 Paid-in Capital in Excess of Par Value-Com 14900 May 15 4 Common Stock Dividends Distributable 7 4500 Common Stock D 74500 Dec. 1 Cash Dividends 40975 Dividends Payable 40975 Dec. 31 Income Summary 369000 Retained Earnings 369000 (To close net income) Retained Earnings Dec. 31 4 Stock Dividends (To close stock dividends) Retained Earnings Dec. 31 9 Cash Dividends (To close cash dividends) Enter the beginning balances and post the entries to the stockholders' equity T-accounts. (Post entries in the order of journal entries posted in the previous part. For accounts th Common Stock 5/15 - 74500 12/31 Bal. 74500 Retained Earnings 12/31 9 12/31 369000 12/31 Paid-in Capital in Excess of Par Value Iloilo sei bili ohi ili 4/15 14900 12/31 Bal.) 14900 Cash Dividends 1/15 44700 (12/31 A 12/ 14 40975 Common Stock Dividends Distributable 4/15 74500 12/31 Bal. 9 74500 Stock Dividends 12/31 9 12/31 Bal. e Textbook and Media FLINT CORPORATION Partial Balance Sheet December 31, 2022 Stockholders' Equity Paid-in Capital Capital Stock Common Stock Total Additional Paid-in Capital Paid-in Capital in Excess of Par Value-Commo Total Paid-in Capital Retained Earnings Total Stockholders' Equity e Textbook and Media List of Accounts X Your answer is incorrect. Calculate the payout ratio and return on common stockholders' equity. (Round answers to 1 decimal place, e.g. 12.5%.) Payout ratio Return on common stockholders' equity e Textbook and Media