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 1ssued and outstanding paid-in capital in excess of par value, comhon stock Retained earnings Total stockholders' equity $825,00070,000370,000$1,265,000 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purehased 5,000 uhares of its own stook at $20 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 atockholders of record. February 28 Paid the dividend declared on January 5 . July 6 sold 2,500 of its treasury bharen at $24 eash per share. August 22 sold 2,500 of its treasury shares at $16 cash per share. septenter 5 Directorn declared a $2 per share cash dividend payable on October 28 to the september.25 ntockholders of record. Oetober 28 paid the dividend declared on september 5 . December 31 cloned the $408,000 eredit balance (from net income) in the Income sumery 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. Complete this question by entering your answers in the tabs below. Prepare journal entries to record each of these transactions. 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 1ssued and outstanding paid-in capital in excess of par value, comhon stock Retained earnings Total stockholders' equity $825,00070,000370,000$1,265,000 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purehased 5,000 uhares of its own stook at $20 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 atockholders of record. February 28 Paid the dividend declared on January 5 . July 6 sold 2,500 of its treasury bharen at $24 eash per share. August 22 sold 2,500 of its treasury shares at $16 cash per share. septenter 5 Directorn declared a $2 per share cash dividend payable on October 28 to the september.25 ntockholders of record. Oetober 28 paid the dividend declared on september 5 . December 31 cloned the $408,000 eredit balance (from net income) in the Income sumery 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. Complete this question by entering your answers in the tabs below. Prepare journal entries to record each of these transactions