P13-45B (similar to) The balance sheet of Patrick Management Consulting, Inc. at December 31, 2015, reported the following stockholders' equity: (Click the icon to view the stockholders' equity section of the balance sheet.) During 2016, Patrick completed the following selected transactions: (Click the icon to view the transactions.) Requirements Record the transactions in the general journal. 2. Prepare a retained earnings statement for the year ended December 31, 2016. Assume Patrick's net income for the year was $85,000. 3. Prepare the stockholders' equity section of the balance sheet at December 31, 2016. Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Feb. 6: Declared a 10% stock dividend on the common stock. The market value of Patrick's stock was $22 per share. Date Accounts and Explanation Debit Credit Feb. 6 Data Table -X - X More Info Feb. 6 Declared a 10% stock dividend on common stock. The market value of Patrick's stock was $22 per share. 15 Distributed the stock dividend. Jul. 29 Purchased 2,500 shares of treasury stock at $22 per share. Nov. 27 Declared a $0.25 per share cash dividend on the common stock outstanding. Stockholders' Equity Paid-In Capital: Common Stock-$15 Par Value; 250,000 shares authorized, 28,000 shares issued and outstanding $ Paid-In Capital in Excess of ParCommon Total Paid-In Capital Retained Earnings $ Total Stockholders' Equity 420,000 360.000 780,000 157,000 Print Done 937,000 Print Done Choose from any list or enter any number in the input fields and then click Check