The stockholders' equity accounts of Flint Corporation on January 1, 2022 were as follows. Preferred Stock (796, $100 par noncumulative. 9,000 shares authorized) Common Stock ($4 stated value, 540,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (9,000 common shares) $540,000 1,800,000 27,000 864,000 1.238.400 72,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 9,000 shares of common stock for $54,000. Mar. 20 Purchased 1.800 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, 2022 Dec 31 Determined that net income for the year was $505,000. 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 tities and enter O for the amounts. Round answers to O decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit Feb. 1 cash 54000 Common Stock 35000 Pald-in Capital In Excess of Stated Value-Common Stock 23000 Mar.20 Treasury Stock 22600 Cash 12500 Oct. 1 Cash Dividends 37800 Dividends Payable 37800 Nov. 1 Dividends Payable 37800 Cash 37800 Dec. 1 Cash Dividends 224500 Dividends Payable 224500 L Dec. 31 Income Summary 505000 Retained Earnings D 505000 (To record net income) Dec. 31 Retained Earnings 1 262300 D Cash Dividends C 262300 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 12/31 Bal. 540000 1/1 Bal 540000 Common Stock 12/31 Bal 1800000 211 38000 11 Bal 176000 Paid-in Capital in Excess of Par Value-Preferred Stock 12/31 Bal 1/1 Bal 1 27000 Paid-in Capital in Excess of Stated Value-Common Stock 12/31 Bal 854000 18000 2/1 1/1 Bal JD 846000 Retained Earnings 12/31 505000 12/31 Bal. 1238400 12/31 262300 1 bal 995700 Cash Dividends 10/ 1 1 37800 12/31 262300 12/1 224500 Bal. 0 Treasury Stock 12/31 Bal. 72000 3/20 12600 1/1 Bal. e Textbook and Media List of Accounts X Your answer is incorrect. Prepare the stockholders' equity section of the balance sheet at December 31, 2022. FLINT CORPORATION Partial Balance Sheet e Textbook and Media List of Accounts X Your answer is incorrect. 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, eg 17.50%.) Payout ratio 44.46 % Earnings per share Return on common stockholders' equity