During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,000 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 stockholde February 28 Paid the dividend declared on January 5. July 6 Sold 2,000 of its treasury shares at $24 cash per share. August 22 Sold 2,000 of its treasury shares at $16 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockl October 28 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 Earn: es Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity Prepare the Statement of Retained Earnings for Kohler Corporation for the year ended December 31. KOHLER CORPORATION Statement of Retained Earnings For Year Ended December 31 Beginning retained earnings $ 270,000 Add: Net income 388.000 658,000 Less: Cash dividends declared Ending retained earnings $ 658.000 M