Requirement 2. Prepare the Starborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume that Starborn was authorized to issue 2,400 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, 2024, is $2,090,000. (Use parentheses or a minus sign for amounts to be subtracted.) Starborn Manufacturing, Co. Balance Sheet (Partial) December 31, 2024 Requirements Stockholders' Equity Paid-In Capital: Preferred Stock4%, $100 Par Value; 950|shares outstanding 2400||shares authorized, 1. Record the transactions in Starborn's general journal. 2. Prepare the Starborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume that Starborn was authorized to issue 2,400 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, 2024, is $2,090,000. Common Stock-$4 Par Value; 500000 shares authorized, Total Paid-In Capital Print Done Total Stockholders' Equity More info Jan. 16 a Declared a cash dividend on the 4%, $100 par noncumulative preferred stock (950 shares outstanding). Declared a $0.20 per share dividend on the 110,000 shares of $4 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Paid the cash dividends. Feb. 15 Jun. 10 Split common stock 2-for-1. Jul. 30 Aug. 15 Oct. 26 Declared a 50% stock dividend on the common stock. The market value of the common stock was $9 per share. Distributed the stock dividend. Purchased 5,400 shares of treasury stock at $11 per share. Sold 2,700 shares of treasury stock for $13 per share. Sold 1,600 shares of treasury stock for $7 per share. Nov. 8 Nov. 30 Print Done