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Help please!! Kohler Corporation reports the following components of stockholders' equity on December 31, 2017. In year 2018, the following transactions affected its stockholders' equity
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Kohler Corporation reports the following components of stockholders' equity on December 31, 2017. In year 2018, the following transactions affected its stockholders' equity accounts. Jan. 1 Purcliased 5,000 shares of its own stock at $15 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. 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 $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 $388,006 credit balance (from net income) in the Income summary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions for 2018. 2. Prepare a statement of retained earnings for the year ended December 31, 2018 . 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2018 Step by Step Solution
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