Requirement 1. Record the transactions in Halborn'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 4%, $96 par noncumulative preferred stock (1,200 shares outstanding). Declared a $0.50 per share dividend on the 85,000 shares of $4 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Accounts and Explanation Date Jan. 16 Cash Dividends Dividends Payable-Preferred Dividends Payable-Common Debit Credit 47,108 4,608 42,500 Declared a cash dividend. Feb. 15: Paid the cash dividends. Date Feb. 15 Accounts and Explanation Dividends Payable-Preferred Dividends Payable-Common Cash Debit Credit 4,608 42,500 47,108 Paid cash dividend.