1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31. 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ KOHLER CORPORATION } \\ Statement of Rotained Earnings \\ For Current Year Ended December 31 \\ \hline \end{tabular} Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-515 par vatue, 100,000 shares authorized, 55,000 shares issued and outstanding Paid-in capital in excess of par value, comnon stock Retained earnings Total stockholders' equity $825,00080,000400,000$1,305,000 During the current year, the following transactions affected its stockholders' equity accounts. Janiuary 2 Purchased 6,000 shares of its own stock at $20 cash per share. January $ Directors declared a $2 per share cash dividend payable on february 28 to the february 5 stockhotders of record. February 28 paid the dividend declared on January 5. July 6 Sold 3,000 of its treasury shares at $24 cash per share. August 22 sold 3,000 of its treasury shares at $16 cash per share. Septenber 5 oirectors dectared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of october 28 Paid the dividend declared on Septenber 5. Decenber 31 Closed the $386,000 credit batance (fros net incoeo) in the Incone Sumary account to Retained Earnings. Required: 1. Prepare joutnal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31 . 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current vear