Kendall Company reports the following components of stockholders' equity on December 31, 2016 Common stock-$10 par value, 140,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 600,000 90,000 500,000 $1,190,000 In year 2017, the following transactions affected its stockholders' equity accounts Jan 1 Purchased 6,000 shares of its own stock at $23 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 2,300 of its treasury shares at $27 cash per share Aug. 22 Sold 3,700 of its treasury shares at $20 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 $223,000 credit balance (from net income) in the Income Summary account to Retained Earnings. General Journal General Ledger Statement of Stockholders Impact on Equity Requirement Trial Balance RE Equity General Journal tab - Prepare the necessary journal entries Statement of Retained Earnings tab Prepare the Statement of Retained Earnings for the Kendall Corporation for the year ended December 31, 2017. Stockholders' Equity tab Prepare the Stockholders' equity section of Kendall Corporation's December 31, 2017 balance sheet. Impact on Equity tab - For each transaction, indicate the total change in Stockholders' Equity, if any. Verify that total equity, as calculated, agrees with the amount reported on the Stockholders' Equity tab Journal entry worksheet Purchased 6,000 shares of its own stock at $23 cash per share Note: Enter debits before credits. Date Account Title Debit Credit Jan 01 Journal entry worksheet 4 7 Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb 5 stockholders of record. Note: Enter debits before credits. Date Account Title Debit Credit Jan 05 Record entry Clear entry View general iournal Journal entry worksheet Paid the dividend declared on January 5 Note: Enter debits before credits. Date Account Title Debit Credit Feb 28 4 7 Sold 2,300 of its treasury shares at $27 cash per share. Note: Enter debits before credits. Date Account Title Debit Credit Jul 06 Journal entry worksheet 2 4 7 Sold 3,700 of its treasury shares at $20 cash per share. Note: Enter debits before credits. Date Account Title Debit Credit Aug 22 Journal entry worksheet 4 7 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Note: Enter debits before credits. Date Account Title Debit Credit Sep 05 Journal entry worksheet Paid the dividend declared on September 5 Note: Enter debits before credits. Date Account Title Debit Credit Oct 28 Journal entry worksheet Closed the $223,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 General Ledger Account Cash Accounts receivable 0. Date Debit Credit Balance 0 Date Debit Credit Balance Dec 31 490,000 Dec 31 196,000 Equipment Accumulated depreciation - Equipment 0. Date Debit Credit Balance 0 Date Debit Credit Balance Dec 31 800,000 Dec 31 73,000 Common stock Paid-in capital, Common Date Debit Credit Balance 0 Date Debit Credit Balance Jan 01 600,000 90,000 Retained earnings ncome summarY 0. Date Debit Credit Balance 0 Date Debit Credit Balance Jan 01 500,000 Dec 31 (223,000) General Journal Trial Balance Dates: Jan 01 to: Dec 31 KENDALL CORPORATION Trial Balance December 31, 2017 Account Title Debit Credit Cash Accounts receivable Equipment Accumulated depreciation - Equipment Common stock Paid-in capital, Common Retained earnings Income summary 490,000 196,000 800,000 73,000 600,000 90,000 500,000 223,000 1,486,000 Total 1,486,000 S Prepare the Statement of Retained Earnings for Kendall Corporation for the year ended December 31, 2017. KENDALL CORPORATION Statement of Retained Earnings For Year Ended December 31, 2017 Dates: Jan 01 KENDALL CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2017 Total contributed capital Total stockholders' equity nent of RF Impact on Fauity> Impact on equity Total Stockholders' Equity - December 31, 2016 Jan. 1) Purchased 6,000 shares of its own stock at $23 cash per share Jan. 5) Directors declared a 2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record Stockholders' equity decreased Stockholders' equity decreased No change in total equity Stockholders' equity increased Stockholders' equity increased Feb. 28) Paid the dividend declared on January 5. Jul. 6) Sold 2,300 of its treasury shares at $27 cash per share Aug. 22) Sold 3,700 of its treasury shares at $20 cash per share Sep. 5) Directors declared a $2 per share cash dividend payable on October 28 to the SeptemberStockholders' equity decreased 25 stockholders of record Oct. 28) Paid the dividend declared on September 5 No change in total equity Dec. 31) Closed the $223,000 credit balance (from net income) in the Income Summary account toStockholders' equity increased Retained Earnings