3 bints Kohler Corporation reports the following components of stockholders' equity at December 31 of the...

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3 bints Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$20 par value, 100,000 shares authorized, 55,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,000 shares of its own stock at $25 cash per share. January 5 February 28 July 6 August 22 September 5 October 28 $1,100,000 80,000 370,000 $1,550,000 Directors declared a $2 per share cash dividend, payable on February 28 to the February 5 stockholders of record. Paid the dividend declared on January 5. Sold 2,000 of its treasury shares at $29 cash per share. Sold 2,000 of its treasury shares at $21 cash per share. Directors declared a $2 per share cash dividend payable on October 20 to the September 25 stockholders of record. Paid the dividend declared on September 5. December 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. 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, 3 bints Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$20 par value, 100,000 shares authorized, 55,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,000 shares of its own stock at $25 cash per share. January 5 February 28 July 6 August 22 September 5 October 28 $1,100,000 80,000 370,000 $1,550,000 Directors declared a $2 per share cash dividend, payable on February 28 to the February 5 stockholders of record. Paid the dividend declared on January 5. Sold 2,000 of its treasury shares at $29 cash per share. Sold 2,000 of its treasury shares at $21 cash per share. Directors declared a $2 per share cash dividend payable on October 20 to the September 25 stockholders of record. Paid the dividend declared on September 5. December 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. 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,