The balance sheet of Patrick 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, Patrick completed the following selected transactions: (Click the icorf 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 5% stock dividend on the common stock. The market value of Patrick's stock was $21 per share. Date Feb. 6 Accounts and Explanation Feb. 15: Distributed the stock dividend. Date Feb. 15 Debit Credit Accounts and Explanation Debit Credit Data table Paid-In Capital: Stockholders' Equity Common Stock-$15 Par Value; 250,000 shares authorized, 27,000 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity 405,000 370,000 775,000 157,000 932,000 - More info Feb. 6 Declared a 5% stock dividend on common stock. The market value of Patrick's stock was $21 per share. Feb. 15 Distributed the stock dividend. Jul. 29 Nov. 27 Purchased 2,400 shares of treasury stock at $21 per share. Declared a $0.30 per share cash dividend on the common stock outstanding. Requirements 1. Record the transactions in the general journal. 2. Prepare a retained earnings statement for the year ended December 31, 2024. Assume Patrick's net income for the year was $87,000. 3. Prepare the stockholders' equity section of the balance sheet at December 31, 2024