Starborn Manufacturing Co$.$ completed the following transactions during $2024$:

$($Click the icon to view the transactions.$)$

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Jan. $16$ Declared a cash dividend on the $4\%,$ $$100$ par noncumulative preferred stock $(950$

shares outstanding$).$ Declared a $$0\mathrm{.}40$ per share dividend on the $110,000$ shares of $$2$

par value common stock outstanding. The date of record is January $31,$ and the payment

date is February $15.$

Feb. $15$ Paid the cash dividends.

Jun. $10$ Split common stock $2-$for$-1.$

Jul. $30$ Declared a $50\%$ stock dividend on the common stock. The market value of the common

stock was $$8$ per share.

Aug. $15$ Distributed the stock dividend.

Oct. $26$ Purchased $5,400$ shares of treasury stock at $$11$ per share.

Nov. $8$ Sold $2,700$ shares of treasury stock for $$13$ per share.

Nov. $30$ Sold $1,600$ shares of treasury stock for $$7$ per share.

Nov. $30$ Sold $1,600$ shares of treasury stock for $$7$ per share.

Requirements

Record the transactions in Starborn's general journal.

Prepare the Starborn's stockholders' equity section of the balance sheet as of

December $31,2024.$ Assume that Starborn 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 $31,2024,$ is $$2,050,000.$