Requirements 1. Record the transactions in Dearborn's general journal. 2. Prepare the Dearborn's stockholders' equity section of the balance sheet as of December 31, 2016. Assume that Dearborn was authorized to issue 2,200 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, 2016, is $2,050,000