The stockholders equity accounts of Whispering Winds Corp. on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,650 shares authorized) $279,000 Common Stock ($5 stated value, 306,000 shares authorized) 1,274,999 Paid-in Capital in Excess of Par ValuePreferred Stock 13,950 Paid-in Capital in Excess of Stated ValueCommon Stock 489,600 Retained Earnings 699,500 Treasury Stock (4,650 common shares) 37,200 During 2017, the corporation had the following transactions and events pertaining to its stockholders equity. Feb. 1 Issued 4,860 shares of common stock for $29,160. Mar. 20 Purchased 1,300 additional shares of common treasury stock at $8 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 $0.70 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 $277,400. Paid the dividend declared on December 1. Journalize the transactions. (Use T-accounts.) (c) Prepare the stockholders' equity section of the balance sheet at December 31, 2017. (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.)?