Requirement 1. Record the transactions in Halborns general joirnal (Record Debts 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 Accoubts and Explination column and leave the remaing cells blank.)

January 16: Declared a cash dividend on the 5%, $95 par preferred stock (1,000 shares outstanding). Declared a $0.03 per share dividend on the 105,000 shares of $10 par value common stock outstanding. The date of record is January 31, and payment date is February 15.

Requirements -x 1. Record the transactions in Halborn's general journal. 2. Prepare the Halborn's stockholders' equity section of the balance sheet as of December 31, 2018. Assume that Halborn was authorized to issue 1,400 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 $1,080,000