Question 2 View Policies Current Attempt in Progress On January 1, 2022, Sheffield Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 72500 shares issued and outstanding) Paid-in Capital in Excess of Par Value $725,000 487,500 Retained Earnings 675,000 During the year, the following transactions occurred. Jan. 15 Declared a $0.60 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January. Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $14 per share. Feb. 15 Apr. 15 May 15 Issued the shares for the stock dividend. Dec. 1 Declared a $0.50 per share cash dividend to stockholders of record on December 15. payable January 10, 2023. Dec. 31 Determined that net income for the year was $365,000. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit (To close net income) (To close stock dividends) (To close cash dividends) eTextbook and Media List of Accounts Enter the beginning balances and post the entries to the stockholders' equity T-accounts. (Post entries in the order of journal entries posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount) Common Stock Enter the beginning balances and post the entries to the stockholders' equity T-accounts. (Post entries in the order of journal entries posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount) Common Stock Retained Earnings Paid-in Capital in Excess of Par Value Cash Dividends Cash Dividends Common Stock Dividends Distributable Stock Dividends eTextbook and Media List of Accounts Prepare the stockholders' equity section of the balance sheet at December 31. SHEFFIELD CORP. Partial Balance Sheet 2$ eTextbook and Media List of Accounts Calculate the payout ratio and return on common stockholders' equity. (Round answers to 1 decimal place, eg 12.5%) Payout ratio Return on common stockholders' equity eTextbook and Media List of Accounts