GL1101- Based on Problem 11-2A LO C3, P2, P3 Kendall Company reports the following components of stockholders' equity on December 31, 2016 Common stock-$10 par value, 140,000 shares authorized, 600,000 90,000 500,000 $1,190,000 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity In year 2017, the following transactions affected its stockholders' equity accounts Jan. 1 Purchased 6,000 shares of its own stock at $23 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. July6 Sold 2,300 of its treasury shares at $27 cash per share. Aug. 22 Sold 3,700 of its treasury shares at $20 cash per share. Sept. 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 $223,000 credit balance (from net income) in the Income Summary account to Retained Earnings. General Journal Statement of Stockholders Impact on Equity General Ledger Requirement Trial Balance Equity RE In year 2017, the following transactions affected its stockholders equity accounts. Prepare the necessary journal entries. If no journal entry is required, select "No journal entry required" in the first input box View transaction list Journal entry worksheet 2 3 4 6 7 8 Purchased 6,000 shares of its own stock at $23 cash per share. Note: Enter debits before credits Date Debit Account Title Credit 138,000 Jan 01 Treasury stock, Common Cash 138,000 View general journal Record entry Clear entry Journal entry worksheet 3 4 8 Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Note: Enter debits before credits Date Debit Account Title Credit Jan 05 Retained earnings Common dividend payable View general journal Record entry Clear entry Journal entry worksheet 2 3 4 5 6 8 Sold 2,300 of its treasury shares at $27 cash per share. Note: Enter debits before credits. Date Account Title Debit Credit Jul 06 Cash 62,100 70,370 Treasury stock, Common Paid-in capital, Treasury stock Record entry Clear entry View general journal Journal entry worksheet 2 3 6 8 4 7 Sold 3,700 of its treasury shares at $20 cash per share. Note: Enter debits before credits. Credit Date Account Title Debit Aug 22 View general journal Record entry Clear entry Journal entry worksheet 2 3 4 5 7 8 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record Note: Enter debits before credits. Credit Date Account Title Debit Sep 05 View general journal Record entry Clear entry Journal entry worksheet 2 3 4. 5 8 1 7 Paid the dividend declared on September 5. Note: Enter debits before credits. Debit Credit Date Account Title Oct 28 Record entry Clear entry View general journal Journal entry worksheet 3 8 2 4 7 Closed the $223,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Note: Enter debits before credits Credit Date Account Title Debit Dec 31 View general journal Record entry Clear entry GeneraTrial BalanceRE Ledger Statement of Stockholders Impact on Equity General Journal Requirement Equity Prepare the Statement of Retained Earnings for Kendall Corporation for the year ended December 31, 2017 KENDALL CORPORATION Statement of Retained Earnings For Year Ended December 31, 2017 Trial Balance Stockholders Equity> GeneraTrial Balance Ledger Statement of Stockholders Impact on Equity Requirement Equity Journal RE Prepare the stockholders' equity section of Kendall Corporation's balance sheet as of December 31, 2017 Dates: Jan 01 to:Dec 31 KENDALL CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2017 Total contributed capital 0 Total stockholders' equity Statement of RE Impact on Equity Statement of Stockholders Impact on Equity General Journal General Ledger Trial Balance Requirement RE Equity For each transaction, indicate the impact on total stockholders' equity. Enter decreases to equity as negative values. Verify that total Stockholders' equity as of December 31, 2017, as calculated, agrees with the amount reported on the balance sheet Dates: Jan 01 to: Dec 31 Impact on equity Total Stockholders' Equity - December 31, 2016 Jan. 1) Purchased 6,000 shares of its own stock at $23 cash per share Jan. 5) Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record Feb. 28) Paid the dividend declared on January 5 Jul. 6) Sold 2,300 of its treasury shares at $27 cash per share Aug. 22) Sold 3,700 of its treasury shares at $20 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 Dec. 31) Closed the $223,000 credit balance (from net income) in the Income Summary account to Retained Earnings K Stockholders Equity Impact on Equity