(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 Patrick Management Consulting, Inc., at December 31, 2011, reported the following stockholders’ equity:

During 2012, Patrick completed the following selected transactions:

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,