More info Requirements 1. Record the transactions in Starborn's general journal. 2. Prepare the Starborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume that Starborn was authorized to issue 1,800 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 $1,050,000. Requirement 1. Record the transactions in Starborn'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 6%,$97 par noncumulative preferred stock (1,150 shares outstanding). Declared a $0.20 per share dividend on the 95,000 shares of $6 par value common stock outstanding. The date of record is January 31 , and the payment date is February 15