The stodtholder's' equity accounts of Flounder Corp. on January 1, 2022, were as follows. During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 7,500 shares of common stock for $45,000 Mar. 20 Purchased 1.500 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 December 31 , 2 Dec 31 Determined that net income for the year was $420,000. Paid the dividend decared on December 1 Journalize the transactions. (Include entries to dose net income and dividends to Retained Earnings.) (Record entries in the order disployed in the problem stotement. Credit occount titles are automotically indented when amount is entered. Do not indent manually If no entry is required, select "No Entry" for the account ttles and enter 0 for the amounts. Round answers to 0 decimal places, eg. 5,275. Treasury Stock Cash Dividends \begin{tabular}{|} 31,500 \\ \hline \end{tabular} Dividends Payable Vov. 1 V Dlvldends Payable 31,500 Dividends Payable Jec31v Income Summary Retalned Eamings (To record net income) Retalned Earnlngs 218.250 Jec1 CashDlvldends 186,750 blvidends Payable sec31 Income Summary 450,000 Retained Earnings (To record net income) sec31v Retalned Earnings 216,250 Cash Dlvidends 218.251 (To dose cash dividends) Jec31v Dlvidends Payable 186,750 Cash (To record payment of cash dividends payable) Retained Eamings 1/1Bal 1,032,000 450,000 In Excess of Par Value-Preferred Stock In Excess of Stated Value:Common Stock I Pald-In Capltal 19s pital and Retained Earnings reasury Stock Calculate the payout ratio, earnings per share, and return on common stockholders' equity. (Note. Use the commonshares outstanding on January 1 and December 31 to determine the average shares outstanding) (Round answers to 2 decimai ploces, es. 15.25.) The stodtholder's' equity accounts of Flounder Corp. on January 1, 2022, were as follows. During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 7,500 shares of common stock for $45,000 Mar. 20 Purchased 1.500 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 December 31 , 2 Dec 31 Determined that net income for the year was $420,000. Paid the dividend decared on December 1 Journalize the transactions. (Include entries to dose net income and dividends to Retained Earnings.) (Record entries in the order disployed in the problem stotement. Credit occount titles are automotically indented when amount is entered. Do not indent manually If no entry is required, select "No Entry" for the account ttles and enter 0 for the amounts. Round answers to 0 decimal places, eg. 5,275. Treasury Stock Cash Dividends \begin{tabular}{|} 31,500 \\ \hline \end{tabular} Dividends Payable Vov. 1 V Dlvldends Payable 31,500 Dividends Payable Jec31v Income Summary Retalned Eamings (To record net income) Retalned Earnlngs 218.250 Jec1 CashDlvidends 186,750 Dividends Payable 166,751 sec31v Income Summary 450.000 Retalned Earnings (To record net income) sec31 Retalned Earnings 216,250 Cash Dlvidends (To dose cash dividends) Jec31 Dlvidends Payable 186,750 Cash (To record payment of cash dividends payable) Retained Eamings 1.032,000 In Excess of Par Value-Preferred Stock In Excess of Stated Value-Common Stock 7ig3 pital and Retalned Earnings 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 ploces, eg. 15.25.)
