The stockholders' equity accounts of Pronghorn Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 14,500 shares authorized) Common Stock ($4 stated value, 870,000 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 (14,500 common shares) $870,000 2,900,000 43,500 1,392,000 1.995,200 116,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar. 20 Oct. 1 Issued 14,500 shares of common stock for $87,000. Purchased 2,900 additional shares of common treasury stock at $7 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2 Determined that net income for the year was $812,000. Paid the dividend declared on December 1. Nov. 1 Dec. 1 Dec. 31 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 titles and enter for the amounts. Round answers to decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit 5.1 Cash 87.000 Common Stock 58000 Paid-in Capital in Excess of Stated Value-Common Stock 29000 ar. 20 Treasury Stock 20,300 Cash 20,300 t. 1 Cash Dividends 60.900 Dividends Payable 60.900 2.1 Dividends Payable 60.900 Cash 60.900 c. 1 V Cash Dividends 371200 Dividends Payable 371200 c. 31 Income Summary 812.000 Retained Earnings 812,000 (To record net income) c. 31 Retained Earnings 432100 Cash Dividends 432100 (To close cash dividends) c.31 Dividends Payable 371200 Cash 371200 (To record payment of cash dividends payable) Preferred Stock 1/1 Bal 870000 12/31 Bal. 870000 Common Stock 1/1 Bal. 2900000 2/1 58,000 12/31 Bal. 2,958,000 Paid-in Capital in Excess of Par Value-Preferred Stock 1/1 Bal. 43.500 12/31 Bal. 43,500 Paid-in Capital in Excess of Stated Value-Common Stock 1/1 Bal 1.392.000 2/1 29000 12/31 Bal. 1.421.000 Retained Earnings 12/31 432.100 1/1 Bal 1.995,200 12/31 812.000 12/31 Bal. 2,486,100 Cash Dividends 10/1 60.900 12/1 371.200 12/31 Bal 432.100 Treasury Stock 1/1 Bal. 116,000 3/20 20,300 12/31 Bal. 136,300 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, 15.25.) Payout ratio 45.71 % Earnings per share $ 1.06 Return on common stockholders' equity 11.7 %