Problem 11-2A The stockholders equity accounts of Miley Corporation on January 1, 2014, were as follows. Preferred Stock (6%, $100 par noncumulative, 4,600 shares authorized) $276,000 Common Stock ($4 stated value, 299,500 shares authorized) 958,400 Paid-in Capital in Excess of Par ValuePreferred Stock 13,800 Paid-in Capital in Excess of Stated ValueCommon Stock 239,600 Retained Earnings 684,700 Treasury Stock(4,600 common shares) 36,800 During 2014, the corporation had the following transactions and events pertaining to its stockholders equity. Feb. 1 Issued 4,700 shares of common stock for $28,200. Mar. 20 Purchased 1,990 additional shares of common treasury stock at $8 per share. Oct. 1 Declared a 6% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2014. Dec. 31 Determined that net income for the year was $285,000. Paid the dividend declared on December 1.

Enter the beginning balances in the accounts and post the journal entries to the stockholders equity accounts. (Post entries in the order of journal entries posted in the previous part.)

Prepare the stockholders equity section of the balance sheet at December 31, 2014.

Calculate the payout ratio, earnings per share, and return on common stockholders equity. (Round earning per share to 2 decimal places, e.g. $2.65 and all other answers to 1 decimal place. 17.5%.)