Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$10 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 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $20 cash per share. January 5 February 28 July 6 August 22 September 5 $ 500,000 70,000 400,000 $ 970,000 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. Paid the dividend declared on January 5. Sold 2,500 of its treasury shares at $24 cash per share. Sold 2,500 of its treasury shares at $16 cash per share. 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 $428,000 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 current year ended December 31. 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions. No 1 Date January 02 General Journal Debit Credit Treasury stock, Common 100,000 Cash 100,000 2 January 05 Retained earnings 88,000 Common dividend payable 88,000 3 February 28 Common dividend payable 88,000 Cash 88,000 4 July 06 Cash 60,000 Paid-In capital, Treasury stock Treasury stock, Common 5,000 5 August 22 Cash Paid-In capital, Treasury stock Treasury stock, Common 6 September 05 Retained earnings Common dividend payable 7 October 28 Common dividend payable Cash 8 December 31 Income summary Retained earnings 428,000 428,000