Problem 11-08A On January 1, 2022, Sheffield Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 72,500 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings $725,000 487,500 675,000 During the year, the following transactions occurred. Jan. 15 Feb. 15 Apr. 15 May 15 Dec. 1 Dec. 31 Declared a $0.60 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January 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. Issued the shares for the stock dividend. Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2023 Determined that net income for the year was $365,000 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 o for the amounts.) Date Account Titles and Explanation Debit Credit (To close net income) (To close stock dividends) (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 Retained Earnings Paid-in Capital in Excess of Par Value Cash Dividends Common Stock Dividends Distributable Stock Dividends Prepare the stockholders' equity section of the balance sheet at December 31. SHEFFIELD CORP. Partial Balance Sheet Calculate the payout ratio and return on common stockholders' equity. (Round answers to 1 decimal place, e.g. 12.5%) Payout ratio Return on common stockholders' equity Click if you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 3 used