The stockholders equity accounts of Miley Corporation on January 1, 2014, were as follows.

Preferred Stock (8%, $100 par noncumulative, 4,800 shares authorized) $288,000

Common Stock ($3 stated value, 336,400 shares authorized) 807,360

Paid-in Capital in Excess of Par ValuePreferred Stock 11,520

Paid-in Capital in Excess of Stated ValueCommon Stock 269,120

Retained Earnings 694,600

Treasury Stock(4,800 common shares) 38,400

During 2014, the corporation had the following transactions and events pertaining to its stockholders equity.

Feb. 1 Issued 4,900 shares of common stock for $34,300.

Mar. 20 Purchased 1,270 additional shares of common treasury stock at $9 per share.

Oct. 1 Declared a 8% cash dividend on preferred stock, payable November 1.

Nov. 1 Paid the dividend declared on October 1.

Dec. 1 Declared a $0.60 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 $275,900. Paid the dividend declared on December 1.

Journalize transactions, post, and prepare a stockholders equity section; calculate ratios.

(a) Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (

b) Enter the beginning balances in the accounts and post the journal entries to the stockholders equity accounts. (Use T-accounts.)

(c) Prepare the stockholders equity section of the balance sheet at December 31, 2014. (c) Tot. paid-in capital $1,825,000 (d) 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.)