Question 1 --/1 View Policies Current Attempt in Progress The stockholders' equity accounts of Flounder Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 7,500 shares authorized) $450,000 Common Stock ($4 stated value, 450,000 shares authorized) 1,500,000 Paid-in Capital in Excess of Par Value-Preferred Stock 22,500 Paid-in Capital in Excess of Stated Value-Common Stock 720,000 Retained Earnings 1,032,000 Treasury Stock (7,500 common shares) 60,000 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, 2022. Dec. 31 Determined that net income for the year was $430,000. Paid the dividend declared on December 1. 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 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 Prepare the stockholders' equity section of the balance sheet at December 31, 2022. FLOUNDER CORP. Partial Balance Sheet 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 17.50%.) Payout ratio Earnings per share Return on common stockholders' equity