Overview Question 1--/1 Question 2--/1 Question 1--/1 View Policies Current Attempt in Progress The stockholders equity accounts of Ayayai Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 12,000 shares authorized) $720,000 Common Stock ($4 stated value, 720,000 shares authorized) 2,400,000 Paid-in Capital in Excess of Par ValuePreferred Stock 36,000 Paid-in Capital in Excess of Stated ValueCommon Stock 1,152,000 Retained Earnings 1,651,200 Treasury Stock (12,000 common shares) 96,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders equity. Feb. 1 Issued 12,000 shares of common stock for $72,000. Mar. 20 Purchased 2,400 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 $672,000. Paid the dividend declared on December 1. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title Cash enter a debit amount 72000 enter a credit amount enter an account title Common Stock enter a debit amount enter a credit amount 48000 enter an account title Paid-in Capital in Excess of Par Value-Common Stock enter a debit amount enter a credit amount 24000 choose a transaction date enter an account title Treasury Stock enter a debit amount 16800 enter a credit amount enter an account title Cash enter a debit amount enter a credit amount 16800 choose a transaction date enter an account title Stock Dividends enter a debit amount 50400 enter a credit amount enter an account title Dividends Payable enter a debit amount enter a credit amount 50400 choose a transaction date enter an account title Dividends Payable enter a debit amount 50400 enter a credit amount enter an account title Cash enter a debit amount enter a credit amount 50400 choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title to record net income Income Summary enter a debit amount 672000 enter a credit amount enter an account title to record net income Retained Earnings enter a debit amount enter a credit amount 672000 (To record net income) choose a transaction date enter an account title to close cash dividends Dividends Payable enter a debit amount 50400 enter a credit amount enter an account title to close cash dividends Cash enter a debit amount enter a credit amount 50400 (To close cash dividends) choose a transaction date enter an account title to record payment of cash dividends payable Paid-in Capital in Excess of Par Value-Common Stock enter a debit amount enter a credit amount enter an account title to record payment of cash dividends payable enter a debit amount enter a credit amount (To record payment of cash dividends payable) eTextbook and Media List of Accounts Enter the beginning balances in the accounts and post the journal entries to the stockholders equity accounts. (Post entries in the order of journal entries posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Preferred Stock choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose the end date of the accounting period enter a debit balance choose the end date of the accounting period enter a credit balance Common Stock choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose the end date of the accounting period enter a debit balance choose the end date of the accounting period enter a credit balance Paid-in Capital in Excess of Par ValuePreferred Stock choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose the end date of the accounting period enter a debit balance choose the end date of the accounting period enter a credit balance Paid-in Capital in Excess of Stated ValueCommon Stock choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose the end date of the accounting period enter a debit balance choose the end date of the accounting period enter a credit balance Retained Earnings choose a transaction date enter a debit amount choose the beginning date of the accounting period enter a credit balance choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose the end date of the accounting period enter a debit balance choose the end date of the accounting period enter a credit balance Cash Dividends choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose the end date of the accounting period enter a debit balance choose the end date of the accounting period enter a credit balance Treasury Stock choose the beginning date of the accounting period enter a debit balance choose the beginning date of the accounting period enter a credit balance choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose the end date of the accounting period enter a debit balance choose the end date of the accounting period enter a credit balance eTextbook and Media List of Accounts Prepare the stockholders equity section of the balance sheet at December 31, 2022. AYAYAI CORP. Partial Balance Sheet choose the accounting period select an opening section name select an opening subsection name select a name of the subordinate part one of this subsection enter a balance sheet item $enter a dollar amount enter a balance sheet item enter a dollar amount select a summarizing line for the subordinate part one of this subsection $enter a subtotal of the two previous amounts select a name of the subordinate part two of this subsection enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount select a summarizing line for the subordinate part two of this subsection enter a subtotal of the two previous amounts select a closing subsection name enter a total amount for this subsection enter a balance sheet item enter a dollar amount select a summarizing line for this part of the statement enter a subtotal amount for this part of the statement select between addition and deduction: enter a balance sheet item enter a dollar amount select a closing section name $enter a total amount for this section eTextbook and Media List of Accounts 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, e.g. 15.25.) Payout ratio enter payout ratio in percentages rounded to 1 decimal place % Earnings per share $enter earnings per share in dollars rounded to 2 decimal places Return on common stockholders equity enter return on common stockholders equity ratio in percentages rounded to 1 decimal place % eTextbook and Media List of Accounts Attempts: 0 of 3 used Cash Common Stock Paid-in Capital in Excess of Par Value-Common Stock Treasury Stock Cash Stock Dividends Dividends Payable Dividends Payable Cash Income Summary Retained Earnings Dividends Payable Cash Dividends Paid-in Capital in Excess of Par Value-Common Stock