(L.OBJ. 1, 3) Journalizing dividend and treasury stock transactions, preparing a stateme...

(L.OBJ. 1, 3) Journalizing dividend and treasury stock transactions, preparing a statement of retained earnings, and preparing stockholders’ equity [30-45 min]

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

During 2012, Collin Management Consulting completed the following transactions:

Requirements

1. Record the transactions in the general journal.

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

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