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Please answer this: The stockholders' equity accounts of Flounder Corp. on January 1, 2022, were as follows. $450,000 1,500,000 Preferred Stock (7%, $100 par noncumulative,
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The stockholders' equity accounts of Flounder Corp. on January 1, 2022, were as follows. $450,000 1,500,000 Preferred Stock (7%, $100 par noncumulative, 7,500 shares authorized) Common Stock ($4 stated value, 450,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock 22,500 720,000 Retained Earnings 1,032,000 Treasury Stock (7,500 common shares) 60,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 7,500 shares of common stock for $45,000. Mar. 20 Purchased 1,500 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Nov. 1 Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable Dece Determined that net income for the year was $430,000. Paid the dividend declared on December 1. Dec. 31 Calculate the payout ratio, earnings per share, and return on common stockholders' equity. (Note: Use the common shares outstanding on January 1 and December 31 to determine the average shares outstanding.) (Round answers to 2 decimal places, eg 17.50%.) Payout ratio % Earnings per share $ Return on common stockholders' equity %
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