Clearborn Manufacturing Co. completed the following transactions during 2024: (Click the icon to view the transactions.)...

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Clearborn Manufacturing Co. completed the following transactions during 2024: (Click the icon to view the transactions.) Read the requirements. Jan. 16 Feb. 15 Jun. 10 Jul. 30 Aug. 15 Oct. 26 Declared a cash dividend on the 5%, $105 par noncumulative preferred stock (900 shares outstanding). Declared a $0.30 per share dividend on the 110,000 shares of $6 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 1,600 shares of treasury stock at $10 per share. Requirements 1. Record the transaons in Clearborn's general journal. 2. Prepare the Clearborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume that Clearborn was authorized to issue 1,200 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 $1,090,000. Clearborn Manufacturing Co. completed the following transactions during 2024: (Click the icon to view the transactions.) Read the requirements. Jan. 16 Feb. 15 Jun. 10 Jul. 30 Aug. 15 Oct. 26 Declared a cash dividend on the 5%, $105 par noncumulative preferred stock (900 shares outstanding). Declared a $0.30 per share dividend on the 110,000 shares of $6 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 1,600 shares of treasury stock at $10 per share. Requirements 1. Record the transaons in Clearborn's general journal. 2. Prepare the Clearborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume that Clearborn was authorized to issue 1,200 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 $1,090,000.

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Journal Entries Jan 16 Preferred Dividends 900 shares 105 5 4725 Dividends Payable Preferred Stock 4... View the full answer