The stockholders' equity accounts of Ayayai Corp. on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,200 shares authorized) $252,000 Common Stock ($3 stated value, 336,000 shares authorized) 840,000 Paid-in Capital in Excess of Par Value-Preferred Stock 12,600 Paid-in Capital in Excess of Stated Value-Common Stock 537,600 Retained Earnings 691,500 Treasury Stock (4,200 common shares) 33,600 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 4,880 shares of common stock for $34,160. Mar. 20 Purchased 1,650 additional shares of common treasury stock at $8 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 $0.55 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 $278,300. Paid the dividend declared on December 1. Your answer is partially correct. 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 for the amounts. Round answers to decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash 34160 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 for the amounts. Round answers to decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit Feb. 14 Cash 34160 Common Stock 14640 Paid-in Capital in Excess of Stated Value-Common Stock 19520 Mar. 20 Treasury Stock 13200 Cash 13200 Oct. 1 Cash Dividends 17640 Dividends Payable 17640 Nov. 1 Dividends Payable 17640 Cash 17640 Dec. 1 Cash Dividends 184267 Dividends Payable 184267 Dec 31 Income Summary 278300 278300 Retained Earnings (To record net income) Dec. 31 Retained Earnings 173417 Cash Dividends 173417 Feb. 1 Cash 34160 Common Stock 14640 Paid-in Capital in Excess of Stated Value-Common Stock 19520 Mar. 20 Treasury Stock 13200 Cash 13200 Oct. 1 Cash Dividends 17640 Dividends Payable 17640 Nov. 1 1 Dividends Payable 17640 Cash 17640 Dec. 1 Cash Dividends 184267 Dividends Payable 184267 Dec. 31 Income Summary 278300 278300 Retained Earnings (To record net income) Retained Earnings Dec. 31 173417 173417 Cash Dividends (To close cash dividends) Dec. 31 Dividends Payable 184267 Cash 184267 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. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Preferred Stock 4 1/1 Bal. 252000 252000 Common Stock 1/1 Bal. 840000 2/1 . 14640 854640 Paid-in Capital in Excess of Par Value-Preferred Stock 1/1 Bal. 12600 12600 Paid-in Capital in Excess of Stated Value-Common Stock 1/1 Bal. 537600 2/1 19520 557120 Retained Earnings 4 12/31 201907 1/1 Bal. 691500 12/31 278300 201007 1211 767994 Retained Earnings 4 12/31 201907 1/1 Bal 691500 12/31 278300 201907 12/31 Bal. 767894 Cash Dividends 10/1 17640 12/31 201907 12/1 184267 201907 201907 Treasury Stock 1/1 Bal. 33600 3/20 13200 46800 e Textbook and Media List of Accounts Your answer is partially correct. Prepare the stockholders' equity section of the balance sheet at December 31, 2017. Prepare the stockholders' equity section of the balance sheet at December 31, 2017. AYAYAI CORP Partial Balance Sheet December 31, 2017 Stockholders' Equity Pald-in Capital Capital Stock Common Stock 854640 Preferred Stock 252000 Total Capital Stock 1106640 Additional Paid-in Capital Paid-in Capital in Excess of Stated Value-Common Stock 557120 Paid-in Capital in Excess of Par Value-Preferred Stock 12600 Total Additional Paid-in Capital 569720 Total Paid-in Capital 1676360 Retained Earnings 767894 Total Paid-in Capital and Retained Earnings + 2444254 Less : Treasury Stock 46800 Total Stockholders' Equity 2397454 Lesse: Treasury Stock 46800 Total Stockholders' Equity $ 2397454 e Textbook and Media List of Accounts Your answer is incorrect. Calculate the payout ratio, earnings per share, and return on common stockholders' equity. (Round earning per share to 2 decimal places, eg. $2.66 and all other answers to 1 decimal place. 17.5%.) % Payout ratio Earnings per share Return on common stockholders' equity % eTextbook and Media List of Accounts Save for Later Last saved 1 second ago. Attempts: 1 of 9 used Submit