The stockholders' equity accounts of Sheffield Corp. on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock (S4 stated value, 300,000 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 (5,000 common shares) $300,000 1,000,000 15,000 480,000 688.000 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 20 1 Mar. Oct. Nov. Dec Dec Issued 5,000 shares of common stock for $30,000. Purchased 1,000 additional shares of common treasury stock at $8 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Declared a $0.85 per share cash dividend to common stockholders of record on December 15, payable December 31 Determined that net income for the year was $278.800. Paid the dividend declared on December 1. 1 1 31 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 0 decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash 30000 Common Stock 20000 Paid-in Capital in Excess of Stated Value-Common Stock 10000 Mar. 20 Treasury Stock 8000 Cash 8000 Oct 1 Cash Dividends 21000 Dividends Payable 21000 Nov. 1 > Retained Earnings > Retained Earnings Total Paid-in Capital and Retained Earnings 2 Less : Treasury Stock (480 Total Stockholders' Equity $ 24 Your answer is partially correct. Calculate the payout ratio, earnings per share, and return on common stockholders' equity. (Round earning per share to 2 decimal places, eg. $2.66 and all other answers to 1 decimal place. 17.5%.) Payout ratio 82.8 % Earnings per share $ 0.95 Return on common stockholders' equity 10.9 se The stockholders' equity accounts of Sheffield Corp. on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock (S4 stated value, 300,000 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 (5,000 common shares) $300,000 1,000,000 15,000 480,000 688.000 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 20 1 Mar. Oct. Nov. Dec Dec Issued 5,000 shares of common stock for $30,000. Purchased 1,000 additional shares of common treasury stock at $8 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Declared a $0.85 per share cash dividend to common stockholders of record on December 15, payable December 31 Determined that net income for the year was $278.800. Paid the dividend declared on December 1. 1 1 31 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 0 decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash 30000 Common Stock 20000 Paid-in Capital in Excess of Stated Value-Common Stock 10000 Mar. 20 Treasury Stock 8000 Cash 8000 Oct 1 Cash Dividends 21000 Dividends Payable 21000 Nov. 1 > Retained Earnings > Retained Earnings Total Paid-in Capital and Retained Earnings 2 Less : Treasury Stock (480 Total Stockholders' Equity $ 24 Your answer is partially correct. Calculate the payout ratio, earnings per share, and return on common stockholders' equity. (Round earning per share to 2 decimal places, eg. $2.66 and all other answers to 1 decimal place. 17.5%.) Payout ratio 82.8 % Earnings per share $ 0.95 Return on common stockholders' equity 10.9 se