Problem 11-2A The stockholders' equity accounts of Monty Corp. on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 4,900 shares authorized) Common Stock ($3 stated value, 335,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (4,900 common shares) $294,000 837,500 14,700 536,000 695,000 39,200 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 5,310 shares of common stock for $37,170. Purchased 1,300 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 $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Determined that net income for the year was $278,600. Paid the dividend declared on December 1. Calculate the payout ratio, earnings per share, and return on common stockholders' equity. (Round earning per share to 2 decimal places, e.g. $2.66 and all other answers to 1 decimal place. 17.5%.) Payout ratio 74.65% Earnings per share 0.9546 Return on common stockholders' equity 12.304 Problem 11-2A The stockholders' equity accounts of Monty Corp. on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 4,900 shares authorized) Common Stock ($3 stated value, 335,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (4,900 common shares) $294,000 837,500 14,700 536,000 695,000 39,200 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 5,310 shares of common stock for $37,170. Purchased 1,300 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 $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Determined that net income for the year was $278,600. Paid the dividend declared on December 1. Calculate the payout ratio, earnings per share, and return on common stockholders' equity. (Round earning per share to 2 decimal places, e.g. $2.66 and all other answers to 1 decimal place. 17.5%.) Payout ratio 74.65% Earnings per share 0.9546 Return on common stockholders' equity 12.304