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Kohler Corporation reports the following components of stockholders equity at December 31, 2018. Common stock$25 par value, 100,000 shares authorized, 60,000 shares issued and outstanding

Kohler Corporation reports the following components of stockholders equity at December 31, 2018.

Common stock$25 par value, 100,000 shares authorized, 60,000 shares issued and outstanding $ 1,500,000
Paid-in capital in excess of par value, common stock 80,000
Retained earnings 370,000
Total stockholders' equity $ 1,950,000

During 2019, the following transactions affected its stockholders equity accounts.

Jan. 2 Purchased 4,500 shares of its own stock at $20 cash per share.
Jan. 5 Directors declared a $6 per share cash dividend payable on February 28 to the February 5 stockholders of record.
Feb. 28 Paid the dividend declared on January 5.
July 6 Sold 1,688 of its treasury shares at $24 cash per share.
Aug. 22 Sold 2,812 of its treasury shares at $17 cash per share.
Sept. 5 Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of record.
Oct. 28 Paid the dividend declared on September 5.
Dec. 31 Closed the $408,000 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 year ended December 31, 2019. 3. Prepare the stockholders equity section of the companys balance sheet as of December 31, 2019.

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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 1 2 3 4 5 6 7 8 Record the purchase of 4,500 shares of its own common stock for $20 cash per share. Note: Enter debits before credits. Debit Credit Date Jan 02 General Journal Treasury stock, Common Cash Record entry Clear entry View general journal Journal entry worksheet 3 4 5 6 7 8 Record the declaration of a cash dividend of $6 per share. Note: Enter debits before credits. Date General Journal Debit Credit Jan 05 Record entry Clear entry View general journal Journal entry worksheet

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