Kohler Corporation reports the following components of stockholders' equity at December 31, 2019. Common stock-$10 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 400,000 60,000 270,000 $ 730,000 During 2020, the following transactions affected its stockholders' equity accounts. Jan. Jan. Feb. July Aug. Sept. Oct. Dec. 2 Purchased 4,000 shares of its own stock at $20 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. 28 Paid the dividend declared on January 5. 6 Sold 1,500 of its treasury shares at $24 cash per share. 22 Sold 2,500 of its treasury shares at $17 cash per share. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. 28 Paid the dividend declared on September 5. 31 Closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. General General Requirement Impact on Statement of Stockholders Journal Ledger Trial Balance RE Equity Equity General Journal tab - Prepare the necessary journal entries. Statement of Retained Earnings tab - Prepare the Statement of Retained Earnings for the Kohler Corporation for the year ended December 31, 2020. Stockholders' Equity tab - Prepare the Stockholders' equity section of Kohler Corporation's December 31, 2020 balance sheet. Impact on Equity tab - For each transaction, indicate the total change in Stockholders' Equity, if any. Verify that total equity, as calculated, agrees with the amount reported on the Stockholders' Equity tab. Purchased 4,000 shares of its own stock at $20 cash per share. Note: Enter debits before credits. Date Account Title Debit Credit Jan 02 Record entry Clear entry View general journal Paid the dividend declared on September 5. Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity Prepare the Statement of Retained Earnings for Kohler Corporation for the year ended December 31, 2020. KOHLER CORPORATION Statement of Retained Earnings For Year Ended December 31, 2020 Requirement General Journal General Ledger Trial Balance Statement of Stockholders Equity RE Impact on Equity Prepare the stockholders' equity section of Kohler Corporation's balance sheet as of December 31, 2020. Dates: Jan 01 to: Dec 31 KOHLER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2020 Total contributed capital Total stockholders' equity Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity For each transaction, indicate the impact on total stockholders' equity. Enter decreases to equity as negative values. Verify that total Stockholders' equity as of December 31, as calculated, agrees with the amount reported on the balance sheet. to: Dec 31 Dates: Jan 01 $ Impact on equity Total Stockholders' Equity - December 31 Jan. 2) Purchased 4,000 shares of its own stock at $20 cash per share. Jan. 5) Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Feb. 28) Paid the dividend declared on January 5. Jul. 6) Sold 1,500 of its treasury shares at $24 cash per share. Aug. 22) Sold 2,500 of its treasury shares at $17 cash per share. Sep. 5) Directors declared a $2 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 $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings
