Dearborn Manufacturing Co. completed the following transactions during 2016:

Requirements

1.Record the transactionsin Dearborn's general journal

2.Prepare the Dearborn's stockholders' equity section of the balance sheet as of December 31, 2016. Assume that Dearborn was authorize to issue 2, 600 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 31,2016,is $1,080,000.

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 fequired" on the first line of the Accounts and Explanation columm and leave the the remaining cells blank.)

Jan. 16: Declared a cash dividend on the 6%, $105 par noncumulative preferred stock(1,000 shares outstanding).Declared $0.25 share dividend on the 85,000 shares of $2 par value commom 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 40% 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 1,000 shares of treasury stock at $8 per share.

Nov.8:Sold 500 shares of treasury stock for $10 per share.

Nov.30: Sold 300 shares of treasury stock for $4 per share.