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Requirement 1. Record the transactions in Clearborn'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 6%, $105 par noncumulative preferred stock (1,000 shares outstanding). Declared a $0.20 per share dividend on the 85,000 shares of $6 par value common stock outstanding. The date of record is January 31, and the payment date is February 15 Date Debit Credit Jan 16 23,300 Accounts and Explanation Cash Dividends Dividends Payable-Preferred Dividends Payable-Common 6,300 17,000 Decla 0 Requirements Feb. 15: Paid the cash Date Feb. 15 Dividd Dividd 1. Record the transactions in Clearborn's general journal 2. Prepare the Clearbom's stockholders' equity section of the balance sheet as of December 31, 2018. Assume that Clearbom was authorized to issue 2,500 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, 2018, is $1,060,000. Cash Jun. 10: Split common Print Done Date Jun. 10 No entry required Choose from any list or enter any number in the input fields and then continue to the next

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