The stockholdersâ equity accounts of Cheyenne Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 6,500 shares authorized) $390,000
Common Stock ($4 stated value, 390,000 shares authorized) 1,300,000
Paid-in Capital in Excess of Par ValueâPreferred Stock 19,500
Paid-in Capital in Excess of Stated ValueâCommon Stock 624,000
Retained Earnings 894,400 Treasury Stock (6,500 common shares) 52,000
During 2022, the corporation had the following transactions and events pertaining to its stockholdersâ equity.

Feb. 1 Issued 6,500 shares of common stock for $39,000.
Mar. 20 Purchased 1,300 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 $365,000. Paid the dividend declared on December 1.

Required:
a. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.)
b. Write the beginning balances in the accounts and post the journal entries to the stockholdersâ equity accounts.
c. Prepare the stockholdersâ equity section of the balance sheet at December 31, 2022.
d. Calculate the payout ratio, earnings per share, and return on common stockholdersâ equity.