The balance sheet of Patrick Management Consulting, Inc. at December 31, 2011, reported the following stockholders' equity:

Paid-in Capital:
Common Stock, $15 par 300,000 shares authorized, 20,000 shares issued	$300,000
Paid-in capital in excess of par-common	310,000
Total paid-in capital	610,000
Retained earnings	158,000
Total stockholder's equity	$768,000

During 2012, Patrick Completed the following selected transactions:

Feb 6 Distributed a 10% stock dividend on the common stock. The market value of Patrick's stock was $26 per share.

Jul 29 Purchased 2,000 shares of treasury stock at $26 per share

Nov 27 Declared a $0.30 per share cash dividend on the 20,000 shares of common stock outstanding. The date of record is December 17, and the payment date is January 7, 2013.

Dec 31 Closed the $86,000 net income to Retained Earnings

Requirements

1. Record the transactions in the general journal.

2. Prepare a retained earnings statement for the year ended December 31, 2012

3. Prepare the stockholders equity section of the balance sheet at December 31, 2012