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 5%, $105 par noncumulative preferred stock (900 shares outstanding). Declared a $0.55 per share dividend on the 80,000 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 Cash Dividends 48,725 44,000 Dividends PayableCommon Dividends PayablePreferred 4,725 Declared a cash dividend. Feb. 15: Paid the cash dividends. Date Accounts and Explanation Debit Credit Feb. 15 Dividends PayablePreferred Dividends PayableCommon Cash 4,725 44,000 48,725 Paid cash dividend. Jun. 10: Split common stock 2-for-1. Date Accounts and Explanation Debit Credit Jun. 10 No entry required Jul. 30: Declared a 40% 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 Stock Dividends 256,000 Common Stock Dividend Distributable 256,000 Declared a 40% stock dividend. Aug. 15: Distributed the stock dividend. Date Accounts and Explanation Debit Credit Aug. 15 Common Stock Dividend Distributable 256,000 Common Stock-$4 Par Value 256,000 Issued 40% stock dividend. Oct. 26: Purchased 8,000 shares of treasury stock at $9 per share. Date Accounts and Explanation Debit Credit Oct. 26 Treasury StockCommon 72,000 Cash 72,000 Purchased treasury stock. Nov. 8: Sold 4,000 shares of treasury stock for $10 per share. Date Accounts and Explanation Debit Credit Nov. 8 Cash 40,000 Treasury StockCommon Paid-In Capital from Treasury Stock Transactions 36,000 4,000 Sold treasury stock above cost. Nov. 30: Sold 1,400 shares of treasury stock for $5 per share. Date Accounts and Explanation Debit Credit Nov. 30 Cash 7,000 4,000 Paid-In Capital from Treasury Stock Transactions Retained Earnings 1,600 Treasury StockCommon 12,600 Sold treasury stock below cost. Requirement 2. Prepare the Halborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume that Halborn was authorized to issue 1,100 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, 2024, is $2,080,000. (Use parentheses or a minus sign for amounts to be subtracted.) Halborn Manufacturing, Co. Balance Sheet (Partial) December 31, 2024 Stockholders' Equity Paid-In Capital: Preferred Stock5%, $105 Par Value; shares authorized, Total Paid-In Capital Total Stockholders' Equity