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Problem 11-2A The stockholders' equity accounts of Concord Corporation on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 4,750 shares authorized)

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Problem 11-2A The stockholders' equity accounts of Concord Corporation on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 4,750 shares authorized) $285,000 Common Stock ($4 stated value, 311,000 shares authorized) 1,036,666 Paid-in Capital in Excess of Par Value-Preferred Stock 14,250 Pald-in Capital in Excess of Stated Value-Common Stock 497,600 Retained Earnings 705,000 Treasury Stock (4,750 common shares) 38,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar. 20 Oct. 1 Nov. 1 Dec. 1 Dec. 31 Issued 4,520 shares of common stock for $27,120. Purchased 1,100 additional shares of common treasury stock at $9 per share. Declared a 6% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 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. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Reco amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accou Date Account Titles and Explanation Debit Credit 14 Feb. 1 (cash Common Stock stock Paid-in Capital in Excess of Par Value-Common Stock Mar. 20 treasury Stock Foct. 1 a Tcash dividends Oct. Cash Dividends Dividends Payable Nov. 1 Dividends I cash - Cash Dividends Dividends Payable Dec. 31 Income Summary Retained Earnings (To record net income) Dec. Retained Earnings Dividends Payable (To close cash dividends) Dec. 31 Dividends Payable Tcash TT (To record payment of cash dividends payable) ctice Assignment Gradebook ORION Downloadable eTextbook ment Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Cash Dividends Treasury Stock Treasury Stock fays suejeg jepued NOIIVIOddod adOONOO ITA7 ITC A non in innie Imuninn min In Luminnnn num IIINN III X Your answer is incorrect. Try again. Calculate the payout ratio, earnings per share, and return on common stockholders' equity. Payout ratio Earnings per share Return on common stockholders' equity Click if you would like to Show Work for this question: Open Show Work

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