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Kohler Corporation reports the following components of stockholders' equity on December 31, 2016 Common stock-$15 par value, 100,000 shares authorized, 6.67 points 55,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 825,000 70,000 460,000 $1,355,000 In year 2017, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 5,000 shares of its own stock at $20 cash per share Jan. 5 Directors declared a $6 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 $24 cash per share Aug. 22 Sold 3,125 of its treasury shares at $17 cash per share Sept. 5 Directors declared a $6 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 Surmary account to Retained Earnings. Required 1. Prepare journal entries to record each of these transactions for 2017, 2. Prepare a statement of retained earnings for the year ended December 31, 2017. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017