II Kohler Corporation reports the following components of stockholders' equ December 31, 2017. Common stock-$15 par value, 100,000 shares authorized 55,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $825,000 70,000 400,000 $1,295,000 In year 2018, the following transactions affected its stockholders' equity accounts. Jan. Jan. 1 Purchased 4,500 shares of its own stock at $20 cash per share 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 1,688 of its treasury shares at $24 cash per share Aug. 22 Sold 2,812 of its treasury shares at $17 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 $368,000 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. Use Journal Paper attached