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Problem 11-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 [The following information applies to the questions displayed below.] Kohler Corporation reports the following components of stockholders' equity on December 31, 2013: Common stock$15 par value, 100,000 shares authorized, 45,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 675,000 70,000 460,000 $ 1,205,000 In year 2014, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 5,500 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $6 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 2,063 of its treasury shares at $24 cash per share. Aug. 22 Sold 3,437 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 $408,000 credit balance (from net income) in the Income Summary account to Retained Earnings. 1. Prepare journal entries to record each of these transactions for 2014. 2. Prepare a statement of retained earnings for the year ended December 31, 2014. (Amounts to be deducted should be indicated by a minus sign.) 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2014