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, $50,000$ shares issued and outstanding $ $1,000,000$

Paid$-$in capital in excess of par value, common stock $80,000$

Retained earnings $370,000$

Total stockholders' equity $ $1,450,000$

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 $$408,000$ credit balance $($from net income$)$ in the Income Summary account to Retained Earnings.

Required:

Prepare journal entries to record each of these transactions.

Prepare a statement of retained earnings for the current year ended December $31.$

Prepare the stockholders$$ equity section of the balance sheet as of December $31$ of the $1$Record the purchase of $4,000$ shares of its own common stock for $$20$ cash per share.

$2$Record the declaration of a cash dividend of $$2$ per share.

$3$Record the payment of the cash dividend.

$4$Record the reissue of $2,000$ shares of the treasury stock for $$24$ cash per share.

$5$Record the reissue of $2,000$ shares of the treasury stock for $$16$ cash per share.

$6$Record the declaration of a cash dividend of $$2$ per share.

$7$Record the payment of the cash dividend.

$8$Record the entry to close the $$408,000$ credit balance $($from net income$)$ in the Income Summary account to Retained Earnings.current year.