Question 3 Q:13

The balance sheet of Truman Management Consulting, Inc. at December 31,2023 , reported the following stockholders' equity: (Click the icon to view the stockholders' equity section of the balance sheet.) During 2024, Truman completed the following selected transactions: (Click the icon to view the transactions.) Read the requirements. 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 Truman's stock was $23 per share. Feb. 15: Distributed the stock dividend. Jul. 29: Purchased 2,500 shares of treasury stock at $23 per share. Requirement 2. Prepare a retained earnings statement for the year ended December 31,2024 . Assume Truman's net income for the year was $87,000. Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal. (Check your spelling carefully and do not abbreviate.) Requirement 3. Prepare the stockholders' equity section of the balance sheet at December 31,2024 . (Use parentheses or a minus sign for amounts to be subtracted.) Data table Requirements 1. Record the transactions in the general journal. 2. Prepare a retained earnings statement for the year ended December 31 , 2024. Assume Truman's net income for the year was $87,000. 3. Prepare the stockholders' equity section of the balance sheet at December 31, 2024