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 statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Date Account Titles and Explanation Debit Credit Jan. 15 Cash Dividends 27600 Dividends Payable 27600 Feb. 15 Dividends Payable 27600 Cash 27600 Apr. 15 Stock Dividends 96600 Common Stock Dividends Distributable 96600 Paid-in Capital in Excess of Par Value-Common Stock 27600 May 15 Common Stock Dividends Distributable 69000 Common Stock 69000 Dec. 1 Cash Dividends 53130 Dividends Payable 53130 Dec. 314 Income Summary 358000 Retained Earnings 358000 (To close net income) Dec. 314 Retained Earnings 96600 Stock Dividends 96600 (To close stock dividends) Dec. 31 Retained Earnings 80730 Cash Dividends 80730 (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 that have zero ending balance, the entry should be the balance date and zero for the amount.) Common Stock 1/1 Bal. 690000 5/15 69000 12/31 Bal. 759000 Retained Earnings 12/31 96600 1/1 Bal. 640000 12/31 1 80730 12/31 358000 12/31 Bal. 820670 Paid-in Capital in Excess of Par Value 1/1 Bal. 484000 484000 4/15 27600 12/31 Bal. 511600 Cash Dividends 1/15 27600 12/1 52130 12/31 807 80730 12/31 Bal. 160460 Common Stock Dividends Distributable 5/15 69000 4/15 4 69000 12/31 Bal. 69000 Stock Dividends 4/15 96600 12/31 96600 12/31 Bal. 96600 Prepare the stockholders' equity section of the balance sheet at December 31. MARTINEZ CORP. Partial Balance Sheet December 31, 2022 Stockholders' Equity Paid-in Capital Capital Stock Common Stock 759000 Additional Paid-in Capital Paid-in Capital in Excess of Par Value-Common Stock | 511600 Total Paid-in Capital 1270600 Retained Earnings D 820670 Retained Earnings Total Stockholders' Equity C 2 2091270 091270 eTextbook and Media List of Accounts - 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 49.5 % Return on common stockholders' equity 18.3 % e Textbook and Media List of Accounts