Starborn Manufacturing Co. completed the following transactions during 2016: (Click the icon to view the transactions.) Requirements 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, 2016. Assume that Starborn was authorized to issue 1,000 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, 2016, is $2,090,000 Requirement 1. Record the transactions in Starborn'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 $6 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. 0 More Info Jan. Feb. Jun Jul. 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 $6 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. 15 Paid the cash dividends. 10 Split common stock 2-for-1 30 Declared a 30% stock dividend on the common stock. The market value of the common stock was $12 per share. 15 Distributed the stock dividend. 26 Purchased 5,400 shares of treasury stock at $11 per share. 8 Sold 2,700 shares of treasury stock for $13 per share. 30 Sold 1,600 shares of treasury stock for $7 per share. Aug Oct. Nov. Print Done Requirement 2. Prepare the Starborn's stockholders 'equity section of the balance sheet as of December 31, 2016. Assume that Starborn was authorized to issue 1,000 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, 2016, is $2,090,000. (Use parentheses or a minus sign for amounts to be subtracted.) Starborn Manufacturing, Co. Balance Sheet (Partial) December 31, 2016 Stockholders' Equity Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity