P13-42A

1 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, 2018. Assume that Starborn was authorized to issue 1,800 shares 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 $1,080,000. Print Done More Info Jan. 16 Feb. 15 Jun. 10 Declared a cash dividend on the 5%, $99 par noncumulative preferred stock (1,100 shares outstanding). Declared a $0.55 per share dividend on the 85,000 shares of $10 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Paid the cash dividends. Split common stock 2-for-1. Declared a 40% stock dividend on the common stock. The market value of the common stock was $9 per share. Distributed the stock dividend. Purchased 5,400 shares of treasury stock at $11 per share. Sold 2,700 shares of treasury stock for $13 per share. Sold 1,600 shares of treasury stock for $7 per share. Jul. 30 Aug. 15 Oct, 26 Nov. 8 0 Nov. 30 Print Done GE m's general journal (Record debits first, then credits. Select the explanation on the last line of the journal entry table. It ne entry is required, select "No entry required on the first in of the maining cells blank.) ar no cumulative proferred stock (1,100 shares oubitanding). Declared a $0.65 per share dividend on the 85,000 shares of $10 per value common stock outstanding. The date of record is Explanation Debit Credit 52,195 46.750 5,445 Explanation Debit Credit Clear All Check Answer Starbor Manufacturing Co.completed the following transactions during 2018: (Click the icon to view the transactions.) Read the requirements Requirement 1. Record the transactions in Starton's general journal. (Record debito first, then credits. Select the explanation on the last line of the journal entry table. I no entry is re Accounts and Explanation column and leave the remaining cells blank.) Jan. 16 Declared a cash dividend on the 5%. 509 par noncumulative preferred stock (1,100 shares outstanding). Declared a $0.55 per share dividend on the 85,000 shares of $10 por January 31, and the payment date is February 15 Accounts and Explanation Debit Credit Jan 16 Cash Dividends 52,195 Dividends Payable Common 46,750 Dividends Payable. Preferred 5,445 Date Declared a cash dividend Feb. 15. Paid the cash dividends. Date Accounts and Explanation Debit Credit Feb. 15