2.39A Journalizing dividend and treasury stock transactions, preparing a Learning Objectives 3, 4, 5 statement of retained earnings, and preparing stockholder' equiry The balance sheet of Morrisey Management Consulting, Inc. at December 31, 2015 reported the following stockholder' equity 2. Retained Earnings Dec. 31, 2016 152,240 Stockholders' Equity Paid-in Capital Common Stock-$10 Par Value: 300,000 shares authorized, 25,000 shares issued and outstanding Paid-in Capital in Excess of Par-Common Total Paid-in Capital $250,000 320,000 570,000 158,000 728,000 Retained Earnings Total Stockholders' Equity During 2016, Morrisey completed the following selected transactions: Feb. 6 Declared a 15% stock dividend on common stock. The market value of Morrisey's stock was $23 per share 15 Distributed the stock dividend Jul 29 Purchased 2,100 shares of treasury stock at $23 per share Nov. 27 Decl ared a $0.20 per share cash dividend on the common stock outstanding Requirements 1. Record the transactions in the general journal. 2. Prepare a retained carnings statement for the year ended December 31, 2016 Morrisey's net income for the year was $86,000. Assume A 3. Preparethe stockholders equity section of the balance