P12-39A Journali Learning Objectives 3, 4, 5 A Journalizing dividend and treasury stock transactions, preparing a statement of retained earnings, and preparing stockholders' equity be balance sheet of Morrisey Management Consulting, Inc, at December 31, 2015, reported the following stockholders' equity 2. Retained Earnings Dec 31, 2016 $152.240 $250,000 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 Retained Earnings Total Stockholders' Equity 320,000 570,000 158,000 $728.000 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 Declared a 50.20 per share cash dividend on the common stock outstanding. Requirements 1. Record the transactions in the general journal. 2. Prepare a reta a retained earnings statement for the year ended December 31, 2016. Assume Morriseys me Morrisey's net income for the year was $86,000. e the stockholders' equity section of the balance sheet at December 31, 2016