The stockholders' equity accounts of Culver Corporation on January 1,2025 , were as follows. During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 8,000 shares of common stock for $48,000. Mar. 20 Purchased 1,600 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 31,2 . Dec. 31 Determined that net income for the year was $450,000. 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 O for the amounts. List all debit entries before credit entries.) (To close Income Summary and transfer net income to Retained Earnings) I (To close Cash Dividends to Retained Earnings) (To record payment of cash dividends payable) Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Cash Dividends Cash Dividends Treasury Stock I eTextbook and Media List of Accounts CULVER CORPORATION Partial Balance Sheet eTextbook and Media List of Accounts Calculate the payout ratio, earnings per share, and return on common stockholders' equity. (Note: Use the common shares outstanding on January 1 and December 31 to determine the average shares outstanding) (Round answers to 2 decimal places for per unit and percentage, eg. 17.50 or 17.50%.) The stockholders' equity accounts of Culver Corporation on January 1,2025 , were as follows. During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 8,000 shares of common stock for $48,000. Mar. 20 Purchased 1,600 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 31,2 . Dec. 31 Determined that net income for the year was $450,000. 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 O for the amounts. List all debit entries before credit entries.) (To close Income Summary and transfer net income to Retained Earnings) I (To close Cash Dividends to Retained Earnings) (To record payment of cash dividends payable) Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Cash Dividends Cash Dividends Treasury Stock I eTextbook and Media List of Accounts CULVER CORPORATION Partial Balance Sheet eTextbook and Media List of Accounts Calculate the payout ratio, earnings per share, and return on common stockholders' equity. (Note: Use the common shares outstanding on January 1 and December 31 to determine the average shares outstanding) (Round answers to 2 decimal places for per unit and percentage, eg. 17.50 or 17.50%.)
