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The stockholders' equity accounts of Flounder Corp. on January 1, 2022, were as follows. $300,000 Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock 1,000,000 15,000 Paid-in Capital in Excess of Stated Value-Common Stock 480,000 Retained Earnings 693,000 Treasury Stock (5,000 common shares) 40,000 During 2022. the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar. 20 Oct. 1 Issued 5,000 shares of common stock for $30,000. Purchased 1,000 additional shares of common treasury stock at $8 per share. Declared a 7% cash dividend on preferred stock, payable November 1 Paid the dividend declared on October 1. Declared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022 Nov. 1 Dec. 1 Dec. 31 Paid the dividend declared on December 1. 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 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 (a) Prepare a tabular summary that includes the January 1, 2022, balances. Do not include the beginning balance in Retaine (b) Record the 2022 transactions in the tabular summary. Include margin explanations for the changes in revenues and expenses. (Round answers to O decimal places, e.g. 5,275. If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Cash Div. Pay. Common Stock (a) Bal $ 1000000 30000 (b) Feb. 1 20000 Mar. 20 -3000 Oct. 1 21000 Nov. 1 21000 -21000 174300 Dec. 1 Dec 231 front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Paid-in-Capital PIC in Excess of Stated Value Com PIC in Excess of Pref. Common Stock Pref. Stock 1000000 $ 480000 $ 300000 $ 20000 10000 front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Stock Paid-in-Capital PIC in Excess of Stated Value Com PIC in Excess of Par Value Pref. + Pref. Stock Treasury S 480000 300000 $ 15000 $ 10000 i Stockholders' Equity Paid-in-Capital le PIC in Excess of Par Value Pret Pref. Stock Treasury Stock R 300000 15000 $ 40000 $ i 8000 i Stockholders' Equity Cin Excess of Par Value Pref. Treasury Stock Revenue . Expense 15000 -40000 $ $ 8000 JULY Retained Earnings Revenue . Expense Dividend $ $ $ 21000 - 174300 Prepare the stockholders equity section of the balance sheet at December 31, 2022. Include 2022 net income of $285,000 as an increase to the January 1, 2022, Retained Earnings. FLOUNDER CORP. Partial Balance Sheet December 31, 2022 Stockholders Equity Paid-in Capital Capital Stock 300000 Preferred Stock 1020000 Common stock Total Capital Stock Additional Paid in Capital 40000 Paldin Cactati test of State Valve Common Stock 15000 Paiden Capitalices of Par Valve-Preferred Stock Total Additional Paid in Capital FLOUNDER CORP. Partial Balance Sheet December 31, 2022 Equity al stock 300000 tock 1020000 Stock $ 1320000 id-in Capital Stalin Excess of Stated Value-Common Stock 490000 15000 sitalin Excess of Par Value Preferred Stock SO5000 nal Paid-in Capital 18 25000 Capital Common Stock 1020000 Total Capital Stock $ Additional Paid-in Capital Paid in Capital in Excess of Stated Value Common Stock 490000 Paid in Capital in Excess of Par Value Preferred Stock 15000 Total Additional Paid-in Capital Total Paid-in Capital Retained Earings Total Paid-in Capital and Retained Earnings - Less Treasury Stock Total Stockholders Equity tock 1020000 Stock $ 1320000 id-in Capital italin Excess of Stated Value-Common Stock 190000 Sitalin Excess of Par Value-Preferred Stock 15000 nal Pald-in Capital 505000 Capital 1825000 arnings 782700 Capital and Retained Earnings: 2607700 Treasury Stock 450001 ilders' Equity $ 2559700