Kohler Corporation reports the following components of stockholders' equity at December $31$ of the prior year.

During the current year, the following transactions affected its stockholders' equity accounts.

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January $2$ Purchased $5,000$ shares of its own stock at $$15$ 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 $6$ Sold $2,500$ of its treasury shares at $$19$ cash per share.

August $22$ Sold $2,500$ of its treasury shares at $$11$ cash per share.

September $5$ Directors 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 September $5.$

December $31$ Closed the $$388,000$ credit balance $($from net income$)$ in the Income Summary account to Retained Earnings.

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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.