The stockholders equity accounts of Pina Colada Corp. on January 1, 2017, were as follows.

Preferred Stock ( 7%, $ 100 par noncumulative, 4,150 shares authorized)		$ 249,000
Common Stock ($ 5 stated value, 345,000 shares authorized)		1,437,499
Paid-in Capital in Excess of Par ValuePreferred Stock		12,450
Paid-in Capital in Excess of Stated ValueCommon Stock		552,000
Retained Earnings		694,000
Treasury Stock ( 4,150 common shares)		33,200

During 2017, the corporation had the following transactions and events pertaining to its stockholders equity.

Feb.	1		Issued 4,540 shares of common stock for $ 27,240.
Mar.	20		Purchased 1,450 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 $ 0.65 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017.
Dec.	31		Determined that net income for the year was $ 276,600. Paid the dividend declared on December 1.

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

2. Enter the beginning balances in the accounts and post the journal entries to the stockholders equity accounts.

3. Prepare the stockholders equity section of the balance sheet at December 31, 2017.

4. 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		enter the payout ratio in percentages rounded to 1 decimal place	%
Earnings per share		$ enter earnings per share in dollars rounded to 2 decimal places
Return on common stockholders equity		enter the return on common stockholders' equity ratio in percentages rounded to 1 decimal place	%