Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$15 par value, 100,000 shares authorized, 55,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 6,000 shares of its own stock at $25 cash per share. January 5 February 28 July 6 August 22 Sep emb 5 October 28 December 31 $ 825,000 70,000 430,000 $ 1,325,000 Director's declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record. Paid the dividend declared on January 5. Sold 3,000 of its treasury shares at $29 cash per share. Sold 3,000 of its treasury shares at $21 cash per share. Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. Paid the dividend declared on September 5. Closed the $428,000 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 current year ended December 31. 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year.

Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Combon stock-\$15 par value, 100,000 shares authorized, 55,000 shares issued and outstanding Pald-in capital in excess of par value, coenon stock Retalned earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts January 2 Purchased 6,090 shares of its own stock at $25 cash per share. January 5 . Directors declared a $4 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 3,600 of its treasury thares at $29 cash per share. Aogust 22 Sold 3,000 of its treasury shares at 521 cash per share. September 5 Directors declared a $4 per share cash dividend payable on October 28 to the Septeaber 25 stockholders of record. Detober 28 Pald the dividend declared on Septenber 5 . Decenber 31 Closed the 5428,090 credit balance (from net incoee) in the Income Summary account to Retained Earnings. Required: 1. Prepare joumal entries to record each of these transactions 2. Prepare a statement of retained earnings for the current yoar ended December 31 . 3. Prepare the stockholders' equity section of the baiance sheet as of December 31 of the current year