The stockholders' equity accounts of Sheffield Corp. on January 1, 2025, were as follows.

• Preferred Stock (7%, $100 par noncumulative, 4,000 shares authorized) $240,000
• Common Stock ($4 stated value, 240,000 shares authorized) 800,000
• Paid-in Capital in Excess of Par-Preferred Stock 12,000
• Paid in Capital in Excess of Stated Value-Common Stock 384,000
• Retained Earnings 550,400
• Treasury Stock (4,000 common shares) 32,000

During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity.

• Feb. 1 Issued 4,000 shares of common stock for $24,000.
• Mar. 20 Purchased 800 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 $0.50 per share cash dividend to common stockholders of record on December 15 , payable
• Dec. 31 Determined that net income for the year was $225,000. Paid the dividend declared on December 1 .

I completed the first step of (a) Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.)

This is where I am stuck:

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

(c) Prepare the stockholders' equity section of the balance sheet at December 31,2025 . (Enter account name only and do not provide descriptive information.)

(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.) (Round answers to 2 decimal places for per unit and percentage, e.g. 17.50 or 17.50%.)