740 chapter 13 preparing a kholders' equity mber 31, 2017, Learning Objectives 3, 4, 6 P13-51B Tournalizing dividend and treas and treasury stock transactions, prepar statement of retained earnings, and preparing stockholders The balance sheet of Cullins Management Consulting, Inc. at December 31 reported the following stockholders' equity: 2. Retained Earnings Dec. 31, 2018 $218,280 Stockholders' Equity Paid-In Capital: Common Stock-$10 Par Value; 200,000 shares authorized, 22,000 shares Issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity $ 220,000 360,000 580,000 163,000 $ 743,000 During 2018, Cullins completed the following selected transactions: Feb. 6 15 Jul. 29 Nov. 27 Declared a 5% stock dividend on common stock. The market value of Cullins's stock was $25 per share. Distributed the stock dividend. Purchased 2,000 shares of treasury stock at $25 per share. Declared 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 earnings statement for the year ended December 31, 2018. Assume Cullins's net income for the year was $87,000. 3. Prepare the stockholders' equity section of the balance sheet at December 31, 2018. P12 con Learning Obiective 7