Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$15 par value, 100,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 750,000 60,000 460,000 $1,270,000 During 2019, the following transactions affected its stockholders' equity accounts. Jan. Jan. Feb. July Aug. 2 Purchased 5,500 shares of its own stock at $15 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. 28 Paid the dividend declared on January 5. 6 Sold 2,063 of its treasury shares at $19 cash per share. 22 Sold 3,437 of its treasury shares at $12 cash per share. Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September 5.1 Dec. 31 Closed the $408,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the year ended December 31, 2019. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2019.