Common stock-$20 par value, 100,000 shares authorized, 45,000 shares issued and outstanding $ 900,000 Paid-in capital in excess of par value, conmon stock 70,000 Retained earnings 400.000 Total stockholders' equity $1,370,000 During 2020, the following transactions affected its stockholders' equity accounts Jan. 2 Purchased 5,000 shares of its own stock at $15 cash per share. Jan. 5 Directors declared a $4 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 1.875 of its treasury shares at $19 cash per share. Aug. 22 Sold 3,125 of its treasury shares at $12 cash per share. Sept. 5 Directors declared a $4 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 $388,808 credit balance (from net incone) in the Income Summary account to Retained Earnings. Required: 1. Prepare joumal entries to record each of these transactions 2. Prepare a statement of retained earnings for the year ended December 31, 2020 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2020 Complete this question by entering your answers in the tabs below. Required Required Required Prepare journal entries to record each of these transactions. View transaction list View journal entry worksheet General Journal Treasury stock Common Credit No 1 Date Jan 02 Debit 75,000 Cash 75,000 Jan 06 160,000 Retained earnings Common dividend payable 160,000 Feb 28 Common dividend payable Cash 160,000 160,000 4 Jul 06 35,625 Cash Treasury stock, Common Paid in capital, Treasury stock 7.500 37.500 5 Aug 22 Cash Paid-in capital, Treasury stock Retained earnings Treasury stock Common Sep 05 Retained earnings Common dividend payable Oct 28 Common dividend payable Cash 8 Dec 31 Income summary Retained earnings Problem 11-2A (Algo) Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler Corporation reports the following components of stockholders' equity at December 31, 2019. Common stock-$20 par value, 100,000 shares authorized, 45,000 shares issued and outstanding $ 900,000 Paid-in capital in excess of par value, 70,000 common stock Retained earnings 400,000 Total stockholders' equity $1,370,000 Jan. During 2020, the following transactions affected its stockholders' equity accounts. 2 Purchased 5,000 shares of its own stock at $15 cash per share. Jan. 5 Directors declared a $4 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 1,875 of its treasury shares at $19 cash per share. Aug. 22 Sold 3,125 of its treasury shares at $12 cash per share. Sept. 5 Directors declared a $4 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 Earnings. Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the year ended December 31, 2020 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2020. Complete this question by entering your answers in the tabs below. Required Required Required 1 2 3 Prepare a statement of retained earnings for the year ended December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.) KOHLER CORPORATION Statement of Retained Earnings For Year Ended December 31, 2020 0 $ Required 1 Required 3 > Problem 11-2A (Algo) Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler Corporation reports the following components of stockholders' equity at December 31, 2019. Common stock-$20 par value, 100,000 shares 45,000 shares issued and outstanding $ 900,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 400,000 Total stockholders' equity $1,370,000 Jan. During 2020, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 5,000 shares of its own stock at $15 cash per share. 5 Directors declared a $4 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 1,875 of its treasury shares at $19 cash per share. Aug. 22 Sold 3,125 of its treasury shares at $12 cash per share. Sept. 5 Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September 5. 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 year ended December 31, 2020. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2020. Dec. Complete this question by entering your answers in the tabs below. Required Required Required 3 Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2020. KOHLER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2020 Total contributed capital Total stockholders' equity $ 0