Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Comon stock-\$25 par value, 180,600 shares authorized, 45,600 shares issued and outstanding Paid-in capital in excess of par value, compon stock. Retained earnings Total stockholders" equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $15 cash per share. January $ 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 Sold 2,500 of its treasury shares at $19 cash per share. August 22 Sold 2,50e of its treasury shares at $11 cash per share. September 5 Directors declared a $2 per share cash dividend payable on october 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $428,600 credit balance (from net incone) in the income Sumary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained carnings for the current year ended Docember 31 . 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current yeat. Complete this question by entering your answers in the tabs below. 1 Record the purchase of 5,000 shares of its own common stock for $15 cash per share. 2 Record the declaration of a cash dividend of $2 per share. 3 Record the payment of the cash dividend. 4 Record the reissue of 2,500 shares of the treasury stock for $19 cash per share. 5 Record the reissue of 2,500 shares of the treasury stock for $11 cash per share. 6 Record the declaration of a cash dividend of $2 per share. 7 Record the payment of the cash dividend. 3 Record the payment of the cash dividend. 4 Record the reissue of 2,500 shares of the treasury stock for $19 cash per share. 5 Record the reissue of 2,500 shares of the treasury stock for $11 cash per share. 6 Record the declaration of a cash dividend of $2 per share. 7 Record the payment of the cash dividend. 8 Record the entry to close the $428,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Prepare a statement of retained earnings for the current year ended December Note: Amounts to be deducted should be indicated by a minus sign. Prepare the stockholders' equity section of the balance sheet as of December 31 of the
