The stockholders equity accounts of Blue Spruce Corp on January 1,2017 were as follows.

Preferred Stock (8%, $100 par noncumulate, 4300 shares authorized) $258,000

Common Stock ( $3 Stated value, 341,000 shares authorized) 852,500

Paid-in capital in excess of par value- Preferred Stock 12,900

Paid-in capital in excess of stated value- Common stock 545,600

Retained earnings 687,500

Treasury Stock (4,300 common shares) 34,400

During 2017, the corporation had the following transactions and events pertaining to its stockholders equity

Feb 1. Issued 5,030 shares of common stock for $30,180

March 20. Purchased 1,700 additional shares of common treasury stock at $9 per share

Oct 1. Declared a 8% cash dividend on preferred stock, payable Nov 1

Nov 1. Paid the dividend declared on Oct 1.

Dec 1. Declared a $0.80 per share cash dividend to common stockholders of record on December 15, payable Dec 31, 2017

Dec 31. Determined that net income for the year was $280,100. Paid the dividend declared on Dec 1.

1. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.)

2. Enter the beginning balances in the accounts and post the journal entries to the stockholders equity accounts. (Use T-accounts)

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

4. Calculate the payout ratio, earnings per share, and return on common stockholders equity.

a) Payout Ratio %

b) Earnings per share $

c) Return on common stockholders' equity %