Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-\$20 par value, 100,000 shares authorized, 55,000 shares issued and outstanding Paid-in capital in excess of par value, comon stock Retained earnings Total stockholders" equity During the current year, the following transactions affected its stockholder' equity accountsI. January 2 Purchased 5,000 shares of its om stock at $20 cash per share. January 5 Directors declared a $4 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 2,500 of its treasury shares at $16 cash per share. September 5 Directors declared a $4 per share cash dividend payable on october 28 to the Septenber 25 stockholders of record. october 28 Paid the dividend declared on Septenber 5. Deceeber 31 closed the 5388,000 credit balance (from net Income) in the Incone sumary account to Retained Earnings. Required: 1. Preparejoumal 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. Journal entry worksheet 245678 Record the purchase of 5,000 shares of its own common stock for $20 cash per share. Note: Enter debits before credits. Prepare a statement of retained earnings for the current year ended December 31 . (Amounts to be deducted should be indicated by a minus sign.) repare the stockholders' equity section of the balance sheet as of December 31 of the current year