Requirement 1. Record the transactions in Clearborn's general jourmal. (Record debits first, then credis Select the explanation on the last ne of the joumal 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%, $105 par noncumulative prefered stock (1,000 shares outstanding). Declared a $0.20 per share dividend on the 85,000 shares of 56 par value common stock outstanding. The date of recerd is January 31, and the payment date is February 15 Date Accounts and Explanation Debit Credit Cash Dividends Dvidends Payable Preferred Dividends Payable Common 23300 Jan 16 6,300 17,000 Declared a cash dividend Feb. 15: Paid the cash dividends Credit Accounts and Explanation Debit Date Dividends Payable Prefermed Dividends Payable-Common 6.300 Feb. 15 17,000 23,300 Cash Paid cash dividend Jun 10 Split common stock 2-for-1 Debit Credit Accounts and Explanation Date No entry required Jun 10 56% shck dividend en te onmmen st ck The market 30: Declared a Value fte cmmm stck was 8 per shae July Aug 15: Dsbut ed the Steck divdand Oct 26 Parchased ,600 snares of treasuny stct o per share Nov 8: Sld 800 shares oftreasury stuck fir 12 per share NAv 30: Sld 700 Shares treasany she fir per share Requirement 2. Prepare the Clearbom's stockholders equity section of the balance sheet as of December 31, 2018. Assume that Clearbom was authorized to issue 2.500 shares of prefemed stock and 500,000 shares of common stock Both preferred stock and commone 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 sublracted) Clearborn Manaufacturing, Co. Balance Sheet (Partial December 31, 2018 Stockholders' Equity Paid-in Capital Preferred Stock-6 %, $105 Par Value 2.500 shares authorized 105,000 1,000shares issued and outstanding 500,000 shares authorized Common Stock-$6 Par Value 510 000 85.000shares issued and outstanding 615,000 Total Paid-In Capital 1,060.000 1,675,000 Total Stockholders' Equity Clearborn Manufacturing Co. completed the following transactions during 2018: (Click the icon to view the transactions.) Read the requirements Requirement 1. Record the transactions in Clearborn'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%, $105 par noncumulative preferred stock (1,000 shares outstanding) Declared a $0.20 per share dividend on the 85,000 shares of $6 par value common stock outstanding. The date of record is January 31, and the payment date is February 15 Accounts and Explanation Date Credit Debit Cash Dividends 23,300 Jan. 16 Dividends Payable-Preferred 6,300 Dividends Payable-Common 17,000 Deciared a cash dividend Feb. 15: Paid the cash dividends. Date Accounts and Explanation Debit Credit Dividends Payable-Preferred 6,300 Feb. 15 Dividends Payable-Common Cash 17.000 23,300 Paid cash dividend Jun. 10: Split common stock 2-for-1 Date Accounts and Explanation Debit Credit No entry required Jun. 10 Jul. 30: Declared a 50 % stock dividend on the common stock. The market value of the common stock was $8 per share. Date Accounts and Explanation Debit Credit Stock Dividends 255,000 Jul. 30 Common Stock Dividend Distributable 255,000 Declared a 50% stock dividend Aug. 15: Distributed the stock dividend. Date Accounts and Explanation Debit Credit Common Stock Dividend Distributable 255,000 Aug. 15 Common Stock-$3 Par Value 255,000 Issued 50% stock dividend Oct. 26: Purchased 1,600 shares of treasury stock at $10 per share. Date Accounts and Explanation Debit Credit Treasury Stock-Common Oct. 26 16,000 Cash 16,000 Purchased treasury stock Nov. 8: Sold 800 shares of treasury stock for $12 per share. Pla Clearborn Manufacturing Co. completed the following transactions during 2018 (Click the icon to view the transactions.) Read the requirements Purchased treasury stock Nov. 8: Sold 800 shares of treasury stock for $12 per share. Date Accounts and Explanation Debit Credit Cash Nov. 8 9,600 Treasury Stock-Common 8,000 Paid-In Capital from Treasury Stock Transactions 1,600 Sold treasury stock above cost. Nov. 30: Sold 700 shares of treasury stock for $7 per share. Date Accounts and Explanation Debit Credit Cash 4,900 Nov. 30 Paid-In Capital from Treasury Stock Transactions 1,600 Retained Earnings 3,300 Treasury Stock-Common 9,800 Sold treasury sfock below cost Requirement 2. Prepare the Clearborn's stockholdersD' equity section of the balance sheet as of December 31, 2018. Assum Clearborn was authorized to issue 2,500 shares of preferred stock and 500,000 shares of common stock. Both preferred stock stock were issued at par. The ending balance of retained earnings as of December 31, 2018, is $1,060,000. (Use parentheses sign for amounts to be subtracted.) Clearborn Manufacturing, Co. Balance Sheet (Partial) December 31, 2018 Stockholders' Equity Requirement 2. Prepare the Clearbom's stockholdersO' equity section of the balance sheet as of December 31, 2018. Assume that Clearborn was authorized to issue 2,500 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 $1,060.000. (Use parentheses or a minus sign for amounts to be subtracted) Clearborn Manufacturing, Co. Balance Sheet (Partial) December 31, 2018 Stockholders' Equity Paid-In Capital: Preferred Stock-6 % , $105 Par Value 2,500 shares authorized 1,000 shares issued and outstanding 105,000 500,000 shares authorized Common Stock-$6 Par Value; 510,000 85,000 shares issued and outstanding 615,000 Total Paid-In Capital 1,060,000 1,675,000 Total Stockholders' Equity Choose from any list or enter any number in the input fields and then continue to the next