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 1. 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. Record the transactions in the general journal 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 $28 per share. Date Accounts and Explanation Debit Credit Feb. 6