Dearborn Manufacturing Co. completed the following transactions during 2016?:

Dearbom Manufacturing Co. completed the following transactions during 2016 (Click the icon to view the transactions.) Requirements 1 Record the transactions in Dearborn's general jounal. 2. Prepare the Dearborn's stockholders' equity section of the balance sheet as of December 31, 2016. Assume that Dearborn was authorized to issue 1,100 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 Dcember 31, 2016, is $2,030,000 Requirement 1. Record the transactions in Dearborn'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.) Declared a $0 40 per share dividend on the 80,000 shares of$6 par value common stock outstanding The date of Jan 16: Declared a cash dividend on the 59 S95 par noncumulative preferred stock 1,000 shares outstanding record is January 31, and the payment date is February 15. Date Accounts and Explanation Debit Credit More Info Jan. 16 Jan 1 ared a cash dividend on the 5%, $95 par noncumulative preferred stock (1,000 shares outstanding). Declared a S0.40 per share dividend on the 80,000 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 $10 per share Aug. 15 Distributed the stock dividend. Oct. 26 Purchased 1,000 shares of treasury stock at 58 per share Nov. 8 Sold 500 shares of treasury stock for S10 per share. 30 Sold 300 shares of treasury stock for $4 per share PrintDone