Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. 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 $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 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 \$4 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 $408,000 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 Statement of Retained Earnings For Current Year Ended December 31 \begin{tabular}{|lr|c|} \hline Retained earnings, December 31, prior year & & \\ \hline Add: Net income & & \\ \hline Less: Cash dividends declared & & \\ \hline Retained earnings, December 31, current year & & $ \\ \hline \hline \end{tabular} KOHLER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Paid-in capital in excess of par value, common stock Common stock - $15 par value Total contributed capital Retained earnings Total stockholders' equity $0