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Requirement 2. Prepare the Clearborn's stockholders' equity section of the balance sheet as of December 31 , 2024 Assume that Clearborn was authorized to issue 1,000 shares of preferred stock and 300,000 shares of common stoc Both preferred stock and common stock were issued at par. The ending balance of retained earnings as of December 31,2024 , is $1,050,000. (Use parentheses or a minus sign for amounts to be subtracted.) Jan. 16 Declared a cash dividend on the 5%,$96 par noncumulative preferred stock ( 950 shares outstanding). Declared a $0.20 per share dividend on the 85,000 shares of $6 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 30% stock dividend on the common stock. The market value of the common stock was $12 per share. Aug. 15 Distributed the stock dividend. Oct. 26 Purchased 1,600 shares of treasury stock at $10 per share. Nov. 8 Sold 800 shares of treasury stock for $12 per share. Nov. 30 Sold 700 shares of treasury stock for $7 per share. B - Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes B - Mobile to issue 80,000 shares of 6%,$100 par value cumulative preferred stock and 180,000 shares of $3 par value common stock. During the first month, B - Mobile completed the following transactions: (Click the icon to view the transactions.) Read the requirements. B - Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes B - Mobile to issue 80,000 shares of 6%,$100 par value cumulative preferred stock and 180,000 shares of $3 par value common stock. During the first month, B - Mobile completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Kequirement 1. Kecord the transactions in the general joumal. (Kecord debits hrst, then credits. Select the explanation on the last line of the journal entry table.) Oct. 2: Issued 23,000 shares of common stock for a building with a market value of $210.000 Oct. 6: Issued 500 shares of preferred stock for $150 per share. The following information was taken from the records of Grey Motorsports, Inc. at November 30,2024 : (Click the icon to view the data.) Prepare a multi-step income statement for Grey Motorsports for the fiscal year ended November 30, 2024. Inc earnings per share. Grey Motorsports, Inc. Income Statement Year Ended November 30, 2024 Net Sales Revenue $900,000 Cost of Goods Sold Gross Profit Operating Expenses: Selling Expenses Administrative Expenses \$ 105,000 Operating Income/Income Before Taxes Income Tax Expense Income From Continuing Operations Discontinued Operations (less applicable tax) Net income 150,000255,000 175,000 70,000 105,000 6,600 $111,600 Data table Requirement 2. Prepare the Clearborn's stockholders' equity section of the balance sheet as of December 31 , 2024 Assume that Clearborn was authorized to issue 1,000 shares of preferred stock and 300,000 shares of common stoc Both preferred stock and common stock were issued at par. The ending balance of retained earnings as of December 31,2024 , is $1,050,000. (Use parentheses or a minus sign for amounts to be subtracted.) Jan. 16 Declared a cash dividend on the 5%,$96 par noncumulative preferred stock ( 950 shares outstanding). Declared a $0.20 per share dividend on the 85,000 shares of $6 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 30% stock dividend on the common stock. The market value of the common stock was $12 per share. Aug. 15 Distributed the stock dividend. Oct. 26 Purchased 1,600 shares of treasury stock at $10 per share. Nov. 8 Sold 800 shares of treasury stock for $12 per share. Nov. 30 Sold 700 shares of treasury stock for $7 per share. B - Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes B - Mobile to issue 80,000 shares of 6%,$100 par value cumulative preferred stock and 180,000 shares of $3 par value common stock. During the first month, B - Mobile completed the following transactions: (Click the icon to view the transactions.) Read the requirements. B - Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes B - Mobile to issue 80,000 shares of 6%,$100 par value cumulative preferred stock and 180,000 shares of $3 par value common stock. During the first month, B - Mobile completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Kequirement 1. Kecord the transactions in the general joumal. (Kecord debits hrst, then credits. Select the explanation on the last line of the journal entry table.) Oct. 2: Issued 23,000 shares of common stock for a building with a market value of $210.000 Oct. 6: Issued 500 shares of preferred stock for $150 per share. The following information was taken from the records of Grey Motorsports, Inc. at November 30,2024 : (Click the icon to view the data.) Prepare a multi-step income statement for Grey Motorsports for the fiscal year ended November 30, 2024. Inc earnings per share. Grey Motorsports, Inc. Income Statement Year Ended November 30, 2024 Net Sales Revenue $900,000 Cost of Goods Sold Gross Profit Operating Expenses: Selling Expenses Administrative Expenses \$ 105,000 Operating Income/Income Before Taxes Income Tax Expense Income From Continuing Operations Discontinued Operations (less applicable tax) Net income 150,000255,000 175,000 70,000 105,000 6,600 $111,600 Data table
