D IES Post - 9 Send to Gradebook Question 2 View Policies Current Attempt in Progress The stockholders' equity accounts of Culver Corporation on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 8,000 shares authorized) $480,000 Common Stock (54 stated value, 480,000 shares authorized) 1,600,000 Pald-in Capital in Excess of Par Value-Preferred Stock 24,000 Paid-in Capital in Excess of Stated Value-Common Stock 768,000 Retained Earnings 1,100,800 Treasury Stock (8,000 common shares) 64,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 8,000 shares of common stock for $48,000. Mar. 20 Purchased 1,600 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, 2022. Dec. 31 Determined that net income for the year was $450,000. Paid the dividend declared on December 1. canvas.wisc.edu ew Teachers and Pro Date MyUw Course Search & Enroll Account Titles and Explanation Debit Credit Feb. 1 . Cash 48,000 Common Stock 32,000 Pald-in Capital in Excess of Par Value-Common Stock 16,000 Mar. 20 Treasury Stock 11.200 Cash 11.200 Retained Earnings 33,600 Cash 33,600 Retained Earnings 195200 Dividends Payable 195200 Dec. 31 Dividends Payable (To record net income) canvas.wisc.edu w Teachers and Pro Date MyUw Course Search & Enroll Account Titles and Explanation Debit Credit Feb. 1 . Cash 48,000 Common Stock 32,000 Pald-in Capital in Excess of Par Value-Common Stock 16,000 Mar. 20 Treasury Stock 11.200 Cash 11.200 Retained Earnings 33,600 Cash 33.600 Retained Earnings 195200 Dividends Payable 195200 Dec. 31 Dividends Payable (To record net income) Enter the beginning balances in the accounts and post the journal entries to the stockholders'equity ace entries posted in the previous part. For accounts that have zero ending balance, the entry should amount.) Preferred Stock Common Stock Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Cash Dividends Treasury Stock List of Accounts Prepare the stockholders' equity section of the balance sheet at December 31, 2022. CEIVED CODDADATINAI MacBook Pro CULVER CORPORATION Partial Balance Sheet MacBook Pro 9 List of Accounts Calculate the payout ratio, earnings per share, and return on common stockholders' equity. (Note: Use the common shares outstanding on January and December 31 to determine the average shares outstanding.) (Round answers to 2 decimal places, es 17.50%) Payout ratio Earnings per share Return on common stockholders' equity List of Accounts Attempts: 0 of 2 used Save for Later Submit Answer