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.

CULVER CORPORATION Partial Balance Sheet i nolin ilmalla Do dull SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM x Your answer is incorrect. Try again. 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 Preferred Stock 1 1/1 Bal. 1/1 Bal. U 291000 12/31 Bal. 291000 Common Stock Bal. 790000 14100 12/31 Bal. 804100 Paid-in Capital in Excess of Par Value-Preferred Stock 1/1 Bal. 14550 T 12/31 Bal. 14550 Paid-in Capital in Excess of Stated Value-Common Stock 1/1 Bal. 505600 12/1 18800 12/31 Bal. 524400 Retained Earnings 3/20 17460 || 1/1 Bal. 694500 12/1 267070 | 12/31 276400 12/31 Bal. 686370 Cash Dividends 100,000,000,000 Treasury Stock 1/1 Bal. 38800 10/1 14850 12/31 Bal. 53650