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Thank you so much! The stockholders' equity accounts of Novak Corp. on January 1, 2017, were as follow5. During 2017, the corporation had the following

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The stockholders' equity accounts of Novak Corp. on January 1, 2017, were as follow5. During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 12,500 shares of common stock for $75,000. Mar. 20 Purchased 2,500 additional shares of common treasury stock at $7 per share. Oct: 1 Declared a 7% 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 , 2017. Dec. 31 Determined that net income for the year was $700,000. Paid the dividend declared on December 1 . Journalize the transactions. (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 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) (To record net income) (To close cash dividends) (To record payment of cash dividends payable) 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.) Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Cash Dividends Treasury Stock Prepare the stockholders' equity section of the balance sheet at December 31,2017. Calculate the payout ratio, earnings per share, and return on common stockholders' equity. (Round earning per share to 2 decimal places, e.8. $2.66 and all other answers to 1 decimal place. 17.5\%.) Payout ratio Earnings pershare Return on common stockholders' equity % eTextbook and Media

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