3 Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year Connon stock-$15 par value, 100,000 shares authorized, 45,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 675,000 70,000 430,000 $ 1,175,000 80 points Skiprio Book Peint References During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $20 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 1.875 of its treasury shares at $24 cash per share. August 22 Sold 3,125 of its treasury shares at $16 cash per share. September 5 Directora declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $400,000 credit balance (fron 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Journal entry worksheet 1 3 4 5 6 7 8 > Record the purchase of 5,000 shares of its own common stock for $20 cash per share. Note: Enter debits before credits. Date General Journal Debit Credit January 02 Record entry Clear entry View general Journal Record the reissue of 1,875 shares of the treasury stock for $24 cash per share. Note: Enter debits before credits. General Journal Debit Date July 06 Credit Record entry Clear entry View general journal LO Record the payment of the cash dividend. Note: Enter debits before credits. Date General Journal Debit Credit October 28 Record entry Clear entry View general Journal is Skipped Journal entry worksheet eBook Print Record the entry to close the $408,000 credit balance (from net income) in the Income Summary account to Retained Earnings. References Note: Enter debits before credits, General Journal Debit Date December 31 Credit Record entry Clear entry View general Journal Mc Graw Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a statement of retained earnings for the current year ended December 31. (Amount indicated by a minus sign.) bs KOHLER CORPORATION Statement of Retained Earnings For Current Year Ended December 31 $ 0 ook Required 1 Required 2 Required 3 rint Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year rences KOHLER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Total contributed capital 0 Total stockholders' equity $ 0 Required 2 Required 3 > C aw II