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Starborn Manufacturing Co. completed the following transactions during 2018: (Click the icon to view the transactions.) Read the requirements. Jan. 16: Declared a cash dividend on the 5%, $105 par noncumulative preferred stock (900 shares outstanding). Declared a $0.25 per share dividend on the 95,000 shares of $8 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Date Accounts and Explanation Debit | Credit Jan. 16 Feb. 15: Paid the cash dividends. Date Accounts and Explanation Debit Credit Feb. 15 Jun. 10: Split common stock 2-for-1. Date Accounts and Explanation Debit Credit Jun. 10 Jul. 30: Declared a 30% stock dividend on the common stock. The market value of the common stock was $8 per share. Date Accounts and Explanation Debit Credit Jul. 30 Oct. 26: Purchased 5,400 shares of treasury stock at $11 per share. Date Accounts and Explanation Debit Credit Oct. 26 Nov. 8: Sold 2,700 shares of treasury stock for $13 per share. Date Accounts and Explanation Debit Credit Nov. 8 Nov. 30: Sold 1,600 shares of treasury stock for $7 per share. Date Accounts and Explanation Debit Credit Nov. 30 Requirement 2. Prepare the Starborn's stockholders' equity section of the balance sheet as of December 31, 2018. Assume that Starborn was authorized to issue 1,500 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, 2018, is $1,060,000. (Use parentheses or a minus sign for amounts to be subtracted.) Starborn Manufacturing, Co. Balance Sheet (Partial) Balance Sheet (Partial) December 31, 2018 Stockholders' Equity Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity