Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$10 par value, 180,000 shares authorized, 40,000 shares issued and outstanding $ 400,000 Paid-in capital in excess of par value, common stock Retained earnings 60,000 270,000 Total stockholders' equity $ 730,000 During the current year, the following transactions affected its stockholders' equity accounts, January 2 Purchased 4,000 shares of its own stock at $20 cash per share. January 5 Directors declared a $2 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 2,000 of its treasury shares at $24 cash per share. August 22 Sold 2,000 of its treasury shares at $16 cash per share. September 5 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 $388,000 credit balance (from net income) in the Incone 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. 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. View transaction list Journal entry worksheet Record the purchase of 4,000 shares of its own common stock for $20 cash per share. Note: Enter debits before credits. Date General Journal Debit Credit January 02 Record entry Clear entry View general journal 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. View transaction list Journal entry worksheet > Record the declaration of a cash dividend of $2 per share. Note: Enter debits before credits Date General Journal Debit Credit January 05 Record entry Clear entry View general journal 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. View transaction list Journal entry worksheet Record the payment of the cash dividend. Note: Enter debits before credits. Date General Journal Debit Credit February 28 Record entry Clear entry View general journal 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. View transaction list Journal entry worksheet Record the reissue of 2,000 shares of the treasury stock for $24 cash per share. Note: Enter debits before credits. Debit General Journal Date Credit July 06 Record entry Clear entry View general journal Record the reissue of 2,000 shares of the treasury stock for $16 cash per share. Note: Enter debits before credits. General Journal Debit Credit Date August 22 Record entry Clear entry View general journal Record the declaration of a cash dividend of $2 per share. Note: Enter debits before credits. General Journal Debit Credit Date September 05 Record entry Clear entry View.generaliournal Record the payment of the cash dividend. Note: Enter debits before credits. Date General Journal Debit Credit October 28 Record entry Clear entry View general journal 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. View transaction list Journal entry worksheet
