Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Conmon stock- $15 par value, 100,000 shares authorized, 40,000 shares issued and outstanding $600,000 Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 6,000 shares of its own stock at $20 cash per ahare. January 5 Directors declared a $4 per share eash dividend payable on February 28 to the Fabruary 5 stockholdera of record. February 28 Paid the dividend declared on January 5 . Jaly 6 sold 3,000 of its treasury shares at $24 eash per share. August 22 sold 3,000 of ito treasudy shares at $16 cash per share. September 5 Directorb declared a $4 per share cash dividend payable on october 28 to the september 25 stockholders of record. october 28 Paid the dividend declared on septeaber 5 . December 31 closed the $408,000 eredit balance (from net income) in the Income suemary account to Retained garnings. 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. Complete this question by entering your answers in the tabs below. Prepare journal entries to record each of these transactions. Prepare journal entries to record each of these transactions. 1 Record the purchase of 6,000 shares of its own common stock for $20 cash per share. 2 Record the declaration of a cash dividend of $4 per share. 3 Record the payment of the cash dividend. 4 Record the reissue of 3,000 shares of the treasury stock for $24 cash per share. 5 Record the reissue of 3,000 shares of the treasury stock for $16 cash per share. 6 Record the declaration of a cash dividend of $4 per share. 7 Record the oavment of the cash dividend. Note : = journal entry has been entered 3 Record the payment of the cash dividend. 4 Record the reissue of 3,000 shares of the treasury stock for $24 cash per share. 5 Record the reissue of 3,000 shares of the treasury stock for $16 cash per share. 6 Record the declaration of a cash dividend of $4 per share. 7 Record the payment of the cash dividend. 8 Record the entry to close the $408,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Note : = journal entry has been entered 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. Complete this question by entering your answers in the tabs below. Prepare a statement of retained earnings for the current year ended December 31 . (Amounts to be deducted should be indicated by a minus sign.) Detober 28 Paid the dividend declared on september 5. December 31 Closed the $408,000 credit balance (from net income) in the Income Summary account to Retained garnings. 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. Complete this question by entering your answers in the tabs below. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year
