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. Credit CommonStock Treasury Stock Divldends Payable Income Summary Retalned Eamlngs (To record net income) Retalned Eamlngs 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 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.)