Chapter 11 Homework Snver Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Kohler Corporation reports the following components of stockholders' equity on December 31, 2016 Conmon steck-$20par valu 00 ahares altho ized 3.33 points 40, 0D0 shares isued and outstanding Paid-in caital in excess of pa velue, cemmon stock Ketained saiEs lota. atockholders' equity $ 800, 000 60. na, 1, 260, ox In year 2017, the following transactions affected its stockholders' cquity accounts. lan Purchased 4,00 shares of its own stock a: $15 cesh per share Leb. 28 POLd the dividend declared on Jenuary 3. Tuly Sold 1.50a of its treaaury shares at $19 cash per share. Aug. 22 Sn.d 2.500 of its Ireasury hares i, l $12 cash per share. Sept 5 Directors declared a $6 per share cash dividerd parable on ctober 28 to the Septenber 25 stocktolders of reeorc. J1 -osed tae 428.000 credit balance from net ncone. in ta .cone Surrary account to Letain Earnings. Uec. Required 1. Prepare journal entries to record each of these transactions for 2017 2. Prepare a statement of reteined earnings for the year ended December 31, 2017 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017 Answer is complete but not entirely correct Complete this question by entering your answers in the tabs below Required: 1. Prepare journal entries to record each of these transactions for 2017. 2. Prepare a statement of retained earnings for the year ended December 31, 2017 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017 3.33 points Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below Required1 Required 2 Required 3 Prepare a statement of retained earnings for the year ended December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.) KOHLER CORPORATION Statement of Retained Earnings For Year Ended December 31, 2017 Retained earnings, Dec. 31 2016 400,000 428,000 828,000 Less: Cash dividends declared52.000 2,500 $ 982,500 Add: Net income Less: Treasury stock reissuances Retained earnings, Dec. 31 2017 Mc Graw Hill Closed the et income) in t Dec. 3 5128. 00U credit balance (from he Income Sumar account to Retained Earning Required: 1. Prepare journal entries to record each of these transactions for 2017. 2. Prepare a statement of retained earnings for the year ended December 31, 2017 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017 3.33 points Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below Required 1 Required 2Required 3 Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017 KOHLER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2017 Common stock- $20 par value Paid-in capital in excess of par value, common stock Total contributed capital Common stock $20 par value Total stockholders' equity 2,000,000 60,000 2,060,000 504,500 S 2,564,500 Required 3
