P13-42A

Starborn Manufacturing Co.completed the following transactions during 2018: Click the icon to view the transactions.) Read the requirements Requirement 1. Record the transactions in Starbom's general journal (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is 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 par January 31, and the payment date is February 15. Date Accounts and Explanation Debit Credit Jan 16 Cash Dividends 52.195 Dividends Payable Common 46,760 Dividends Payable-Preferred 5.445 Declared a cash dividend Feb. 15. Paid the cash dividendo Date Accounts and Explanation Debit Credit Feb. 15 m's general Journal (Record debits first, then credits. Select the explanation on the last line of the journal entry tablet ne entry is required, select "No entry required on the first Ine of the maining cells blank.) ar no cumulative preferred tock (1,100 shares outstanding). Declared a $0.65 per share dividend on the 85,000 shares of $10 par value common stock outstanding. The date of record is Explanation Debit Credit 52,195 46,750 3,445 Explanation Debit Credit Clear All Check Answer 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 co Nov. 30 Print Done 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