The stockholders’ equity accounts of Pina Colada Corp. on January…

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Question Answered step-by-step The stockholders’ equity accounts of Pina Colada Corp. on January… The stockholders’ equity accounts of Pina Colada Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 13,500 shares authorized) $810,000Common Stock ($4 stated value, 810,000 shares authorized) 2,700,000Paid-in Capital in Excess of Par Value—Preferred Stock 40,500Paid-in Capital in Excess of Stated Value—Common Stock 1,296,000Retained Earnings 1,857,600Treasury Stock (13,500 common shares) 108,000During 2022, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb.1 Issued 13,500 shares of common stock for $81,000.Mar.20 Purchased 2,700 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 $754,000. Paid the dividend declared on December 1.Part 1 Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.)Part 2 Enter the beginning balances in the accounts and post the journal entries to the stockholders’ equity accounts.  Part 3 Prepare the stockholders’ equity section of the balance sheet at December 31, 2022. Part 4 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 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         Accounting Business Financial Accounting ACCT 503 Share QuestionEmailCopy link Comments (0)