On January 1, 2022, Martinez Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 69,000 shares issued and outstanding) $690,000 Paid-in Capital in Excess of Par Value 484,000 Retained Earnings 640,000 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 $14 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 $358,000. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit (To close net income) (To close stock 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 Common Stock Retained Earnings Paid-in Capital in Excess of Par Value Cash Dividends Common Stock Dividends Distributable Stock Dividends Prepare the stockholders' equity section of the balance sheet at December 31. MARTINEZ CORP. Partial Balance Sheet December 31, 2022 eTextbook and Media List of Accounts 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