Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock- $10 par value, 100,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, eonthon stock Hetained earnings Total stockholders" equity $600,00070,000400,000$1,070,000 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 6,000 shares of 1ts own stock at $20 cash per share. January 5 Directors declared a $6 per share canh dividend payable on February 29 to the February 5 atockholdera of Tebruary 28 Paid the dividend deelared on January 5. July 6 sold 3,000 of its treasury shares at $24 eash per share. August 22 sold 3,000 of its treasury shares at $16 eash per share. September 5 bireetors declared a $6 per whare eash dividend payable on ootober 28 to the september 25 stoekholders of record. Oetober 28 Taid the dividend deelared on september 5 . Decenber 31 clomed the 5360,000 credit balanee (from net ineone) in the Ineome sumary aceount to retained Karnings. 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