Halborn Manufacturing Company completed the following transactions during 2018: Jan 16 Declared a cash dividend on the 6%, $97 par non-cumulative preferred stock (1,150 shares outstanding). Declared a $0.20 per share dividend on the 80,000 shares of $8 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 20% stock dividend on the common stock. The market value of the common stock was $8 per share. Aug. 15 Distributed the stock dividend. Oct. 26 Purchased 8,000 shares of treasury stock for $10 per share. Nov. 8 Sold 4,000 shares of treasury stock for $10 per share. Nov. 30 sold 1,400 shares of treasury stock for $5 per share. Requirements: 1. Record the transactions in Halborn's general journal. 2. Report the Halborn's stockholders' equity section of the balance sheet as of December 31, 2018. Assume that Halborn was authorized to issue 2,200 share of preferred stock and 500,000 shares of common stock. Both preferred stock and common stock were issued at par. The ending balance of retained earnings as of December 31, 2018 is $2,030,000. Requirement 1: Date Account & Explanations Post. Ref. Debit Credit 16-Jan Cash Divident Dividends Payable - Preffered Dividends Payable - Common Declared cash dividents 15-Feb Dividends payable - Preffered Dividends Payable - Common Cash Paid cash Dividend 30-Jul Stock Divident Common Stock Distributable Paid in Capital in excess of par, common 15-Aug Common Stock Distributable Common Stock issued 20% stock dividend 26-Oct Treasury Stock Cash ($10 x 8,000) Cash Purchased Treasury stock 8-Nov Cash $10 x 4,000 Treasury Stock ($10 x 4,000) Sold Treasury Stock with cost of $10/share 30-Nov Cash (1,400 treasury stock x $5) Retained Earings Treasury Stock (1,400 x $10) Sold Treasury Stock with cost of $10 per share Requirement 2: HALBORN MANUFACTURING CO. Balance Sheet (Partial) December 31, 2018 Stockholders' Equity Paid-In Capital: Noncumulative Preferred Stock - 6%, $97 Par Value, 2,200 shares authorized, 1,150 shares issued and outstanding Common Stock - $4 Par Value, 500,000 shares authorized, 192,000 shares issued and 189,400 outstanding Total Paid-In Capital Retained Earnings Treasury Stock (2,600 shares at cost) Total Stockholders' Equity