The stockholders' equity accounts of Grouper Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 8,500 shares authorized) $510,000 Common Stock ($4 stated value, 510,000 shares authorized) 1,700,000 Paid-in Capital in Excess of Par Value-Preferred Stock 25,500 Paid-in Capital in Excess of Stated Value-Common Stock 816,000 Retained Earnings 1,169,600 Treasury Stock (8,500 common shares) 68,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 8,500 shares of common stock for $51,000. Mar. 20 Purchased 1,700 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, 20 Dec. 31 Determined that net income for the year was $477,000. Paid the dividend declared on December 1. Date Account Titles and Explanation Debit Credit Feb. 1 4 Cash 51000 Common Stock 34000 Paid-in Capital in Excess of Stated Value-Common Stock 17000 Mar. 20 Treasury Stock P 1 11900 1900 Cash 11900 Oct. 1 # Cash Dividends 35700 35700 Dividends Payable 35700 Nov. 1 Nov. 1 4 Dividends Payable 35700 35700 Cash 35700 Dec. 1 4 Cash Dividends Dividends Payable Dec. 31 4 Income Summary 477000 Retained Earnings 477000 (To record net income) Retained Earnings Dec. 31 Cash Dividends (To close cash dividends) Dec. 31 Dividends Payable Cash (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. 510000 12/31 Bal. 510000 Common Stock 1/1 Bal 1700000 34000 12/31 Bal. 1734000 Paid-in Capital in Excess of Par Value-Preferred Stock 1/1 Bal. 25500 12/31 Bal. * 25500 Paid-in Capital in Excess of Stated Value-Common Stock 1/1 Bal. 816000 2/1 17000 | 12/31 Bal. 4 8 33000 Retained Earnings 1/1 Bal. 4 1 169600 12/31 477000 12/31 Bal. 1646600 Cash Dividends 35700 12/31 Bal. 35700 Treasury Stock 1/1 Bal. 4 6 68000 8000 3/20 N on 11900 12/31Bal. $ 79900 79900 L Your answer is partially correct. Prepare the stockholders' equity section of the balance sheet at December 31, 2022. GROUPER CORP. Partial Balance Sheet December 31, 2022 Stockholders' Equity Paid-in Capital Preferred Stock Common Stock Total Paid-in Capital Additional Paid-in Capital Additional Paid-in Capital Paid-in Capital in Excess of Stated Value-Common Stock Paid-in Capital in Excess of Par Value-Preferred Stock Total Additional Paid-in Capital Retained Earnings Treasury Stock Total Stockholders' Equity 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, e.g 17.50%.) Payout ratio 18.05 % Earnings per share 22.78 Return on common stockholders' equity 10.41
