Kohler Corporation reports the following components of stockholders’ equity on December 31, 2013:

In year 2014, the following transactions affected its stockholders’ equity accounts.
Jan. 1 Purchased 4,000 shares of its own stock at $20 cash per share.
Jan. 5 Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record.
Feb. 28 Paid the dividend declared on January 5.
July 6 Sold 1,500 of its treasury shares at $24 cash per share.
Aug. 22 Sold 2,500 of its treasury shares at $17 cash per share.
Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record.
Oct. 28 Paid the dividend declared on September 5.
Dec. 31 Closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings.
Required 1. Prepare Journal entries to record each of these transactions for 2014.
2. Prepare a statement of retained earnings for the year ended December 31, 2014.
3. Prepare the stockholders’ equity section of the company’s balance sheet as of December 31, 2014.

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Common stock-$10 par value, 100,000 shares authorized. 40,000 shares issued and outstanding..... $400,000 Paid-in capital in excess of par value, common stock 60,000 Retained earnings 270,000 Total stockholders' equity $730,000