Cash drvidends, treasury stock, and statement of retained earnings C3 P2P3 Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. During the current year, the following transactions affected its stockholders' equity accounts. Jan. 2. 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 February 28 to the February 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 2,000 of its treasury shares at $24 eash per share. Aug 22. Sold 2,000 of its treasury shares at $16 cash per share. Sep. 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 Eamings. 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