1. Record the transactions in Starborn's general journal. 2. Prepare the Starborn's stockholders' equity section of...

 

 

Transcribed Image Text:

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 2,200 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 $2,010,000. Print Done More info Jan. 16 Feb. 15 Jun. 10 Jul. 30 Aug. 15 Oct. 26 Nov. 8 Nov. 30 Declared a cash dividend on the 6%, $105 par noncumulative preferred stock (1,000 shares outstanding). Declared a $0.30 per'share dividend on the 105,000 shares of $2 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Paid the cash dividends. Split common stock 2-for-1. Declared a 40% stock dividend on the common stock. The market value of the common stock was $8 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. Print Done 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 requi 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 6%, $105 par noncumulative preferred stock (1,000 shares outstanding). Declared a $0.30 per share dividend on the 105,000 shares of 52 par value common stock outstanding. The date of record is January 31, and the payment date is February 15.. Accounts and Explanation Debit Date Jan 16 Feb. 15: Paid the cash dividends. Date Accounts and Explanation Debit Credit Credit Jun. 10: Split common stock 2-for-1. Date Jun. 10 Date Accounts and Explanation Jul. 30 Debit ***** Jul. 30: Declared a 40% stock dividend on the common stock. The market value of the common stock was $8 per share. Accounts and Explanation Debit Credit Credit Aug. 15: Distributed the stock dividend. Date Aug. 15 Oct. 26: Purchased 5,400 shares of treasury stock at $11 per share. Accounts and Explanation Date Accounts and Explanation Oct. 26 Debit Debit Credit Credit Nov. 8: Sold 2,700 shares of treasury stock for $13 per share. Accounts and Explanation Date Nov. 8 Nov. 30: Sold 1,600 shares of treasury stock for $7 per share. Accounts and Explanation Date Nov. 30 Debit Debit Credit Credit Requirement 2. Prepare the Starborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume that Starbom was authorized to issue 2,200 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 $2,010,000. (Use parentheses or a minus sign for amounts to be subtracted.) Paid-In Capital Total Paid-In Capital Starborn Manufacturing, Co. Balance Sheet (Partial) December 31, 2024 Stockholders' Equity 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 2,200 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 $2,010,000. Print Done More info Jan. 16 Feb. 15 Jun. 10 Jul. 30 Aug. 15 Oct. 26 Nov. 8 Nov. 30 Declared a cash dividend on the 6%, $105 par noncumulative preferred stock (1,000 shares outstanding). Declared a $0.30 per'share dividend on the 105,000 shares of $2 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Paid the cash dividends. Split common stock 2-for-1. Declared a 40% stock dividend on the common stock. The market value of the common stock was $8 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. Print Done 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 requi 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 6%, $105 par noncumulative preferred stock (1,000 shares outstanding). Declared a $0.30 per share dividend on the 105,000 shares of 52 par value common stock outstanding. The date of record is January 31, and the payment date is February 15.. Accounts and Explanation Debit Date Jan 16 Feb. 15: Paid the cash dividends. Date Accounts and Explanation Debit Credit Credit Jun. 10: Split common stock 2-for-1. Date Jun. 10 Date Accounts and Explanation Jul. 30 Debit ***** Jul. 30: Declared a 40% stock dividend on the common stock. The market value of the common stock was $8 per share. Accounts and Explanation Debit Credit Credit Aug. 15: Distributed the stock dividend. Date Aug. 15 Oct. 26: Purchased 5,400 shares of treasury stock at $11 per share. Accounts and Explanation Date Accounts and Explanation Oct. 26 Debit Debit Credit Credit Nov. 8: Sold 2,700 shares of treasury stock for $13 per share. Accounts and Explanation Date Nov. 8 Nov. 30: Sold 1,600 shares of treasury stock for $7 per share. Accounts and Explanation Date Nov. 30 Debit Debit Credit Credit Requirement 2. Prepare the Starborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume that Starbom was authorized to issue 2,200 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 $2,010,000. (Use parentheses or a minus sign for amounts to be subtracted.) Paid-In Capital Total Paid-In Capital Starborn Manufacturing, Co. Balance Sheet (Partial) December 31, 2024 Stockholders' Equity

Answer rating: 100% (QA)

1 Date Mb Jan Jun 15 feb Cash dividend lay lee 37800 Cash leade 30 Jud 2604 t... View the full answer