Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Cormon 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 $400,00060,000270,000$730,000 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 October 28 record. Paid the dividend declared on September 5. December 31 closed the $388,000 credit balance (from net income) in the Incose Sumnary 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