The stockholders' equity accounts of Sheffield Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,000 shares authorized) Common Stock ($4 stated value, 240,000 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 (4,000 common shares) $240,000 800,000 12,000 384,000 550,400 32,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar. 20 Oct. 1 Issued 4,000 shares of common stock for $24,000. Purchased 800 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. Determined that net income for the year was $225,000. Paid the dividend declared on December 1. Nov. 1 1 Dec. Dec. 31 Part 1 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 o for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Preferred Stock Common Stock Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Cash Dividends - Treasury Stock Prepare the stockholders' equity section of the balance sheet at December 31, 2022. SHEFFIELD CORP. Partial Balance Sheet $ $ : $ 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 % Earnings per share $ Return on common stockholders' equity % e Textbook and Media List of Accounts Save for Later Attempts: 0 of 15 used Submit