On January 1, 2025, Flounder Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 67,500 shares issued and outstanding) Paid-in Capital in Excess of Par Retained Earnings During the year, the following transactions occurred. $675,000 482,500 625,000 Jan. 15 15 Declared a $0.60 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January Feb. Apr. 15 May 15 Dec. 1 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. Issued the shares for the stock dividend. Declared a $0.70 per share cash dividend to stockholders of record on December 15, payable January 10, 2026. Dec. 31 Determined that net income for the year was $355,000. Instructions (a) Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (b) Enter the beginning balances and post the entries to the stockholders' equity T-accounts. (Note: Open additional stockholders' equity accounts as needed.) (c) Prepare the stockholders' equity section of the balance sheet at December 31. (d) Calculate the payout ratio and return on common stockholders' equity. (a) 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 0 for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Cash Dividends Dividends Payable Debit Credit (To close net income) (To close stock dividends) (To close cash dividends)