GL1301 (Static) - Based on Problem 13-2A Kohler Company LO C3, P2, P3 Kohler Corporation reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. $ 400,000 60,000 270,000 $730,000 January 2 Purchased 4,000 shares of its own stock Jat $20 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. 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 stockholders of record. 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 Earnings. Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity General Journal tab - Journalize the transactions related to the notes and accounts payable of Kohler Corporation. The General Ledger, Trial Balance and Schedule of Payables will be updated based on your entries. View transaction list Journal entry worksheet Purchased 4,000 shares of its own stock at $20 cash per share. Note: Enter debits before credits. Date January 02 Account Title Debit Credit Record entry Clear entry View general journal Journal entry worksheet Journal entry worksheet 1 2 3 4 5 6 7 Closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Note: Enter debits before credits. Date Account Title Debit Credit December 31 Record entry Clear entry View general journal No. Date January 01 Cash Debit Equipment General Ledger Account Accounts receivable Credit Balance No. 350,000 Date January 01 Debit Credit Balance 168,000 Accumulated depreciation - Equipment No. Date Debit January 01 Credit Balance No. 660,000 Date January 01 Debit Credit Balance 60,000 Common stock Paid-in capital, Common 00 No. Date Debit Credit Balance No. Date Debit January 01 400,000 January 01 Credit Balance 60,000 Retained earnings Income summary No. Date Debit Credit Balance No. Date Debit Credit Balance January 01 270,000 January 01 (388,000) Cash 444 44 Accounts receivable Equipment Accumulated depreciation - Equipment Common stock Paid-in capital, Common Retained earnings Income summary Total KOHLER CORPORATION Trial Balance January 01, 2021 Account Title Debit Credit $ 350,000 168,000 660,000 60,000 400,000 60,000 270,000 388,000 1,178,000 $ 1,178,000 Prepare the Statement of Retained Earnings for Kohle KOHLER CORPORATION Statement of Retained Earnings For Year Ended December 31 KOHLER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Total contributed capital Total stockholders' equity Total Stockholders' Equity - January 1 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 Feb. 28 to the Feb. 5 stockholders of record. 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 stockholders of record. 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 Earnings. Impact on equity