2 Problem 11-2A (Algo) Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 12:5 Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year parts Comstock-$15 par value, 100,000 shares authorised, 10,000 shares issued and outstanding Paid-in capital in excess of par value, common stock $750,000 400,000 $1,220,000 Pet Retained earnings Tatal stockholders mity During the current year, the following transactions affected its stockholders' equity accounts January 2 Jamery February 28 July 6 August 22 Directors declared $6 per share cash dividend payable on February 2 ta the Firuary 5 stockholders of recon Paid the divident declared on January S Purchased 5,000 shares of its stock at $20 cash per share. Sold 3,000 of its treasury shares at $26 cash p Sold 3,000 of its treasury shares at $16 cnh per share, September 5 Directors declared a $6 per share cash dividend payable on October 25 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 31 December 11 Closed the $360,000 credit balance (from net income) in the Income Summary account Required: 1. Prepare journal entries to record each of these transactions 2. Prepare a statement of retained eamings for the current year ended December 31. Retained Earnings. 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Help Save & Exit Submit Check my work