The stockholders equity accounts of Miley Corporation on January 1, 2014, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,700 shares authorized) $282,000 Common Stock ($3 stated value, 328,000 shares authorized) 787,200 Paid-in Capital in Excess of Par ValuePreferred Stock 11,280 Paid-in Capital in Excess of Stated ValueCommon Stock 262,400 Retained Earnings 689,700 Treasury Stock(4,700 common shares) 37,600 During 2014, the corporation had the following transactions and events pertaining to its stockholders equity. Feb. 1 Issued 4,600 shares of common stock for $27,600. Mar. 20 Purchased 1,470 additional shares of common treasury stock at $8 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 $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2014. Dec. 31 Determined that net income for the year was $281,000. Paid the dividend declared on December 1. *Problem 11-2A The stockholders equity accounts of Miley Corporation on January 1, 2014, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,700 shares authorized) $282,000 Common Stock ($3 stated value, 328,000 shares authorized) 787,200 Paid-in Capital in Excess of Par ValuePreferred Stock 11,280 Paid-in Capital in Excess of Stated ValueCommon Stock 262,400 Retained Earnings 689,700 Treasury Stock(4,700 common shares) 37,600 During 2014, the corporation had the following transactions and events pertaining to its stockholders equity. Feb. 1 Issued 4,600 shares of common stock for $27,600. Mar. 20 Purchased 1,470 additional shares of common treasury stock at $8 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 $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2014. Dec. 31 Determined that net income for the year was $281,000. Paid the dividend declared on December 1. Your answer is partially correct. Try again. Journalize the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash 27600 Common Stock 13800 Preferred Stock 13800 Mar. 20 Treasury Stock 11760 Cash 11760 Oct. 1 Cash Dividends 19740 Dividends Payable 19740 Nov. 1 Dividends Payable 19740 Cash 19740 Dec. 1 Cash Dividends 261029 Dividends Payable 261029 Dec. 31 Income Summary 281000 Retained Earnings 281000 (To record net income) Dec. 31 Retained Earnings 200711 Cash Dividends 200711 (To close cash dividends) Dec. 31 Dividends Payable 180711 Cash 180711 (To record payment of cash dividends payable) Your answer is partially correct. Try again. 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.) Preferred Stock 2/1 27600 Common Stock 2/1 13800 Paid-in Capital in Excess of Par ValuePreferred Stock 10/1 19740 10/1 19740 Paid-in Capital in Excess of Stated ValueCommon Stock 2/1 13800 2/1 13800 3/20 11760 3/20 11760 12/1 19740 2/1 19740 Retained Earnings 12/31 183680 12/31 281000 Cash Dividends 10/1 19740 3/20 11760 12/1 183680 12/31 Bal. 200711 Treasury Stock 3/20 11760 Your answer is incorrect. Try again. Prepare the stockholders equity section of the balance sheet at December 31, 2014. MILEY CORPORATION Partial Balance Sheet December 31, 2014 $ $ : $ 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 64.53 % Earnings per share $ .074 Return on common stockholders equity