Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$15 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 $ 750 70 370 $ 1,190 During the current year, the following transactions affected its stockholders' equity accounts. January 2 January 5 February 28 July 6 August 22 September 5 Purchased 6,000 shares of its own stock at $20 cash per share. Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record. Paid the dividend declared on January 5. Sold 2,250 of its treasury shares at $24 cash per share. Sold 3,750 of its treasury shares at $16 cash per share. Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. Paid the dividend declared on September 5. Closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. October 28 December 31 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 ea Required 3 ansactions. View transaction list View journal entry worksheet No Date Debit Credit 1 January 02 General Journal Treasury stock, Common Cash 120,000 120,000 2 January 05 176,000 Retained earnings Common dividend payable 176,000 3 February 28 Common dividend payable 176,000 Cash 176,000 4 July 06 Cash 54,000 Traumatool Common 15 on 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 View journal entry worksheet No Date Debit Credit 1 January 02 General Journal Treasury stock, Common Cash 120,000 120,000 2 2 January 05 176,000 Retained earnings Common dividend payable 176,000 3 February 28 Common dividend payable 176,000 Cash 176,000 4 July 06 Cash 54,000 45,000 Treasury stock, Common Paid-In capital, Treasury stock 9,000 5 August 22 Cash 60,000 9,000 Paid-In capital, Treasury stock Retained earnings Treasury stock, Common 6,000 60,000 6 240,000 September 05 Retained earnings Common dividend payable 300,000 7 October 28 Common dividend payable 240,000 Cash 240,000 Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$15 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 $ 750,000 70,000 370,000 $ 1,190,000 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 6,000 shares of its own stock at $20 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 2,250 of its treasury shares at $24 cash per share. August 22 Sold 3,750 of its treasury shares at $16 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. 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. (Amounts to be deducted should be indicated by a minus sign.) KOHLER CORPORATION Statement of Retained Earnings For Current Year Ended December 31 $ 0 Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$15 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 $ 750,000 70,000 370,000 $ 1,190,000 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 6,000 shares of its own stock at $20 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 2,250 of its treasury shares at $24 cash per share. August 22 Sold 3,750 of its treasury shares at $16 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. 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 the stockholders' equity section of the balance sheet as of December 31 of the current year. KOHLER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Total contributed capital 0 Total stockholders' equity $ 0