I need the following done:Journalize the transactions,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.),Prepare the stockholders’ equity section of the balance sheet at December 31, 2014, andCalculate the payout ratio, earnings per share, and return on common stockholders’ equity
(Round earning per share to 2 decimal places, e.g. $2.66 and all other answers to 1 decimal place. 17.5%.)
The stockholders’ equity accounts of Miley Corporation on January 1, 2014, were as follows.
| Preferred Stock (8%, $100par noncumulative,4,300shares authorized) | $258,000 | |
| Common Stock ($5stated value,338,300shares authorized) | 1,353,200 | |
| Paid in Capital in Excess of Par Value—Preferred Stock | 10,320 | |
| Paid in Capital in Excess of Stated Value—Common Stock | 541,280 | |
| Retained Earnings | 685,600 | |
| Treasury Stock—(4,300common shares) | 34,400 |
During 2014, the corporation had the following transactions and events pertaining to its stockholders’ equity.
| Feb.1 | Issued5,100shares of common stock for $35,700. | |
| Mar.20 | Purchased1,580additional shares of common treasury stock at $8per share. | |
| Oct.1 | Declared a8% cash dividend on preferred stock, payable November 1. | |
| Nov.1 | Paid the dividend declared on October 1. | |
| Dec.1 | Declared a $0.60per share cash dividend to common stockholders of record on December 15, payable December 31, 2014. | |
| Dec.31 | Determined that net income for the year was $280,700. Paid the dividend declared on December 1. |