Part (d) please
Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Concord Corporation on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 5,000 shares authorized) $300,000 Common Stock ($4 stated value, 300,000 shares authorized) 1,000,000 Paid-in Capital in Excess of Par Value-Preferred Stock 15,000 Paid-in Capital in Excess of Stated Value-Common Stock 480,000 Retained Earnings 705,000 Treasury Stock (5,000 common shares) 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Issued 5,000 shares of common stock for $30,000. Purchased 1,000 additional shares of common treasury stock at $9 per share. Oct. Declared a 6% cash dividend on preferred stock, payable November 1. Nov. Paid the dividend declared on October 1. Dec. 1 Declared a $0.65 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Determined that net income for the year was $283,200. Paid the dividend declared on December 1. 1 Feb. Mar. 20 1 1 Dec. 31 (a) Your answer is correct. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Red indented when amount is entered. Do not indent manually. If no entry is required, select "No En Date Account Titles and Explanation Debit Credit Feb. 1 Cash 30000 Common Stock 20000 Paid-in Capital in Excess of Stated Value-Commor 10000 Mar. 20 Treasury Stock 9000 Cash 9000 Oct. 1 Cash Dividends 18000 Dividends Payable 18000 Nov. 1 Dividends Payable 18000 Cash 18000 Dec. 1 Cash Dividends 161,850 Dividends Payable 161,850 Dec. 31 Income Summary 283,200 283,200 Retained Earnings (To record net income) Retained Earnings Dec. 31 179,850 179,850 Cash Dividends (To close cash dividends) Dec. 31 Dividends Payable 161,850 > Cash 161,850 (To record payment of cash dividends payable) Preferred Stock 1/1 Bal. 300,000 12/31 Bal. 300,000 Common Stock 1/1 Bal. 1,000,000 2/1 20,000 12/31 Bal. 1,020,000 Paid-in Capital in Excess of Par Value-Preferred Stock 1/1 Bal. 15,000 12/31 Bal. 15,000 Paid-in Capital in Excess of Stated Value-Common Stock 1/1 Bal. 480,000 2/1 10,000 490,000 12/31 Bal. Retained Earnings 179,850 || 1/1 Bal. 12/31 705000 12/31 283200 12/31 Bal. 808350 Cash Dividends 10/1 18000 12/31 179850 12/1 161850 12/31 Bal. Treasury Stock 40,000 1/1 Bal. 3/20 9,000 12/31 Bal. 49,000 (c) Your answer is correct. Prepare the stockholders' equity section of the balance sheet at December 31, 2017. CONCORD CORPORATION Partial Balance Sheet December 31, 2017 Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock 300,000 Common Stock 1,020,000 Total Capital Stock 1,320,000 Additional Paid-in Capital Paid-in Capital in Excess of Stated Value-Commor 490,000 Paid-in Capital in Excess of Par Value-Preferred St 15,000 Total Additional Paid-in Capital 505,000 Total Paid-in Capital 1,825,000 Retained Earnings 808,350 Total Paid-in Capital and Retained Earnings 2,633,350 Less 49,000 Treasury Stock Total Stockholders' Equity 2,584,350 (d) Calculate the payout ratio, earnings per share, and return on common stockholders' equity. (Round earning per share to 2 decimal places, e.g. $2.66 and all other answers to 1 decimal place. 17.5%.) Payout ratio % Earnings per share Return on common stockholders' equity %
