Deerbom Manufacturing Co. completed the following transactions during 2024 (1. (Cick the icon to vlow the transactions) Read the teguirements: Requirement 1. Record the transactions in Deorborn's general journal (Record debits firot, then credis 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 Accouns and Explanation column and leave the remiaining cells blank.) Jan. 16. Declared a cash dividend on the 6%,5103 par noncumulative preferred stock (1,050 shares outstanding) Declared a $0.20 per share dividend on the 100,000 shares of 52. par value common stock outstanding The date of record is January 31 , and the payment date is February 15 . More info Requirements 1. Record the transactions in Deerborn's general journal. 2. Prepare the Deerborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume that Deerborn was authorized to issue 2,600 shares of preferred stock and 400,000 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 $2,060,000