Clearborn Manufacturing Co. completed the following transactions during 2024: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in Clearborn's general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank.) Jan. 16: Declared a cash dividend on the 5%,$96 par noncumulative preferred stock ( 950 shares outstanding). Declared a $0.50 per share dividend on the 85,000 shares of $4 par value common stock outstanding. The date of record is January 31 , and the payment date is February 15. More info \begin{tabular}{|ll} \hline Jan. 16 & Declaredacashdividendonthe5%,$96parnoncumulativepreferredstock(950sharesoutstanding).Declareda$0.50persharedividendonthe85,000sharesof$4parvaluecommonstockoutstanding.ThedateofrecordisJanuary31,andthepaymentdateis \\ & February15. \\ Feb. 15 & Paid the cash dividends. \\ Jun. 10 & Split common stock 2 -for- 1. \\ Jul. 30 & Declareda40%stockdividendonthecommonstock.Themarketvalueofthecommonstockwas$8pershare. \\ 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. \\ \hline \end{tabular} Requirements 1. Record the transactions in Clearborn's general journal. 2. Prepare the Clearborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume that Clearborn was authorized to issue 1,500 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 $1,060,000