Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-\$20 par value, 10, shares authorized, 5, shares issued and outstanding Paid-in capital in excess of par value, common stock fetained earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5, 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 2,500 of its treasury shares at $24 cash per share. August 22 Sold 2,500 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 $388,690 credit balance (from net income) in the Income Summary account to Retained Earnings. Requlred: 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. Complete this question by entering your answers in the tabs below. View transaction list Journal entry worksheet 12345678> Record the purchase of 5,000 shares of its own common stock for $20 cash per share. Note: Enter debits before credits. \begin{tabular}{|c|c|c|c|} \hline Date & General Journal & Debit & Credit \\ \hline January 02 & & & \\ \hline & & & \\ \hline & & & \\ \hline & & \end{tabular}