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

Common stock$25 par value, 100,000 shares authorized, 55,000 shares issued and outstanding	$ 1,375,000
Paid-in capital in excess of par value, common stock	60,000
Retained earnings	430,000
Total stockholders' equity	$ 1,865,000

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

January 2	Purchased 6,000 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 3,000 of its treasury shares at $19 cash per share.
August 22	Sold 3,000 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 $368,000 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.

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• Record the purchase of 6,000 shares of its own common stock for $15 cash per share.
• Record the declaration of a cash dividend of $4 per share.
• Record the payment of the cash dividend.
• Record the reissue of 3,000 shares of the treasury stock for $19 cash per share.
• Record the reissue of 3,000 shares of the treasury stock for $11 cash per share.
• Record the declaration of a cash dividend of $4 per share.
• Record the payment of the cash dividend.
• Record the entry to close the $368,000 credit balance (from net income) in the Income Summary account to Retained Earnings.
• 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.