Kohler Corporation reports the following components of stockholders equity at December 31 of the prior year. Common stock-$20 par value, 100,000 shares authorized, 40,060 shares issued and outstanding $ 800, 090 Paid-in capital in excess of par value, common stock 80, 000 Retained earnings 400, 000 Total stockholders' equity $ 1, 280, 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 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 t d 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a statement of retained earnings for the current year ended December 31 Note: Amounts to be deducted should be indicated by a minus sign." KOHLER CORPORATION Statement of Retained Earnings For Current Year Ended December 31 Retained earnings, December 31, prior year $ 400,000 Add: Net income 388,000 Less: Cash dividends declared Retained earnings, December 31, current year $ 788,000