1.	Record the transactions in Halborn's general journal.
2.	Prepare the Halborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume that Halborn was authorized to issue 2,400 shares of preferred stock and 300,000 shares of common stock. 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.

Jan. 16: Declared a cash dividend on the

6%,

$105

par noncumulative preferred stock

(1,000

shares outstanding). Declared a

$0.55

per share dividend on the

80,000

shares of

$10

par value common stock outstanding. The date of record is January 31, and the payment date is February 15.