The stockholders equity accounts of Culver Corporation on January 1, 2017, were as follows.

Preferred Stock (6%, $100 par noncumulative, 4,850 shares authorized)		$291,000
Common Stock ($3 stated value, 316,000 shares authorized)		790,000
Paid-in Capital in Excess of Par ValuePreferred Stock		14,550
Paid-in Capital in Excess of Stated ValueCommon Stock		505,600
Retained Earnings		694,500
Treasury Stock (4,850 common shares)		38,800

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

Feb.	1		Issued 4,700 shares of common stock for $32,900.
Mar.	20		Purchased 1,650 additional shares of common treasury stock at $9 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 $0.85 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 $276,400. Paid the dividend declared on December 1.

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 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash 32,900.00 Common Stock 14,100.00 Paid-in Capital in Excess of Stated Value-Common Stock 18,800.00 Mar. 20 Treasury Stock 14,850.00 Cash 14,850.00 Oct. 1 Cash 17,460.00 Dividends Payable 17,460.00 Nov. 1 Dividends Payable 17,460.00 Cash 17,460.00 Dec. 1 Cash Dividends 222,303.33 Dividends Payable 222,303.33 Dec 31 7 Dividends Payable 222,303.33 Cash 222,303.33 (To record net income) Dec. 31 Income Summary 276,400.00 Retained Earnings 276,400.00 (To close cash dividends) Dec. 31 Retained Earnings 239,763.33 Cash 239,763.33 (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. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Preferred Stock 1/1 Bal. 291000 12/31 291000 Common Stock 1/1 Bal. 790000 2/1 14100 12/31 Bal. 804100 Paid-in Capital in Excess of Par Value-Preferred Stock 1/1 Bal. 14550 12/31 Bal. 14550 Paid-in Capital in Excess of Stated Value-Common Stock 1/1 Bal. 694500 2/1 276400 12/31 Bal. Retained Earnings 12/31 17,460 1/1 Bal. 694500 12/31 222,303 12/31 276400 12/31 Bal. 731,137 12/31 Bal. Cash Dividends 10/1 V 1,760 12/1 222,303 12/31 224063 12/31 Bal. 0 Treasury Stock 1/1 Bal. 28800 14850 12/31 Bal. 53650 - Your answer is partially correct. Prepare the stockholders' equity section of the balance sheet at December 31, 2017. CULVER CORPORATION Partial Balance Sheet December 31, 2017 Stockholders' Equity Paid-in Capital Capital Stock Common Stock $ 524,400 Preferred Stock 14,550 Additional Paid-in Capital 5389 Paid-in Capital Preferred Stock Common Stock Total Additional Paid-in Capital Total Paid-in Capital and Retained Earnings Accumulated Other Comprehensive Income Total Additional Paid-in Capital Less V: Treasury Stock 53,650 Total Stockholders' Equity $ 2,311,5 X 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, e.g. $2.66 and all other answers to 1 decimal place. 17.5%.) Payout ratio % Earnings per share $ Return on common stockholders' equity %