Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Cammon stock-s10 par value, 100,000 shares authorized, 55,000 sharea issued and outstanding paid-in capital in excess of par value, eonnon stock Retained earnings Total stockholders' equity. During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purehased 4,000 shares of its own stoek at $25 cash per share. January 5 Directors declared a $2 per share cash dividend payable on Pebruary 28 to the Pebruary 5 atoekholderi of record. Pebruary 28 Paid the dividend deelared on January 5. July 6 sold 2,000 of its treasury shares at $29 cash per share. August 22 sold 2,000 of its treasury shares at $21 cash per share. September 5 Directors declared a $2 per share cash dividend payable on october 28 to the September 25 stoekholders of record. October 28 Paid the dividend declared on September 5. December 31 closed the $408,000 eredit balance (from net income) in the Income sunmary account to Retained Earnings. 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