0 Startom Manufacturing Co. completed the following transactions during 2016: Click the icon to view the transactions.) Requirements 1. Record the transactions in Startiom's general joumal. 2 Prepare the Sertori stockholders equity action of the balance sheet as of December 31, 2016 Assume that Startom was suthorized to us 1.500 so'preferred alock and 500.000 shares of common slock Both preferred lock and common stock were issued aler. The ending balance of retained earnings as of December 31, 2016, is $2,040,000. Requirement 1. Record the transactions in Starborn's general journal. Record debts first, then credits Select the explanation on the last Ine of the journal entry sable. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cels blank.) Jan. 16: Declared a cash dividend on the 5%, $105 par norcumulative preferred stock (900 shares outstanding. Decared a $0.25 per share dividend on the 80,000 shares of $2 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Requirement 2. Prepare the Starter's stockhokers 'equity section of the balance sheet as of December 31, 2016. Assume that Starborn war authorized to issue 1,500 shares of preferred stock and 500.000 shares of common stock Both preferred stock and common stock were issued at par. The ending balance of retained warnings as of December 31, 2016, is $2,040,000. (Use parentheses or a minus sign for amounts to be subtracted.) Starborn Manufacturing, Co. Balance Sheet (Partian December 31, 2016 Stockholders' Equity Paid-In Captat Preferred Stock-56 $105 Par Value Total Paid in Capital Common Stock $2 Par Values Total Stockholders' Equity Choose from any list or enter any number in the input fields and then continue to the next question. A More Info Jan. 16 Declared a cash dividend on the 5%, $105 par noncumulative preferred stock (900 shares outstanding). Declared a $0.25 per share dividend on the 80,000 shares of $2 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Feb. 15 Paid the cash dividends. Jun. 10 Split common stock 2-for-1. Jul. 30 Declared a 50% stock dividend on the common stock. The market value of the common stock was $12 per share. Aug. 15 Distributed the stock dividend. Oct 28 Purchased 5,400 shares of treasury stock at $11 per share Nov. 8 Sold 2,700 shares of treasury stock for $13 per share. 30 Sold 1,600 shares of treasury stock for $7 per share. Print Done