Starborn Manufacturing Co. completed the following transactions during 2016: i (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 1,800 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 $1,060,000. i More Info Jan. Feb. Jun. Jul. 16 Declared a cash dividend on the 6%, $103 par noncumulative preferred stock (1,050 shares outstanding). Declared a $0.30 per share dividend on the 80,000 shares of $10 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. le Cash h Cash Dividends h Common Stock-$10 Par Value Sl Common Stock Dividend Distributable Dividends PayableCommon Dividends Payable-Preferred 1 Paid-In Capital from Treasury Stock Transactions "Paid-In Capital in Excess of ParCommon Paid-In Capital in Excess of ParPreferred Preferred Stock-$103 Par Value h Retained Earnings Stock Dividends Treasury Stock-Common Dividends Payable-Preferred lll niuidende PavahleCamman Balance Sheet (Partial) December 31, 2016 Stockholders' Equity Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity