Kohler Corporation reports the following components of stockhoiders' equity at December 31 of the prior year. Common stock-\$15 par value, 100,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, comon stock. Retained earnings Total stockholders: equity $750,00068,000430,009$1,240,000 During the current year, the following transactions affected its stockhoiders equity accounts. January 2 Purchased 5,e00 shares of its own stock at $20 cash per share. January 5 Directors declared a $2 per share cash dividend payable on february 28 to the february 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 5old 2,500 of its treasury shares at $24 cash per share. August 22 sold 2,509 of its treasury shares at $16 cash per share. September 5 Directors declared a $2 per share cash dividend payable on october 28 to the september 25 stockholders of recard. october 28 Paid the dividend declared on Septenber 5. December 31 closed the $388,000 credit balance (from net incore) in the Income Sumnary account to Retained tarnings. Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year