Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Comanon stock-520 par value, 100,000 shares authorlzed, 55, 000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stoctholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Aurchased 5 , e0e shares of Its omn stock at $25 cash per share. January 5 oirectors declared in per share cash dividend payable on february 28 to the february 5 stockholders of record. rebruary 28 Paid the dividend declared on Jarmary 5. July 6 5old 2, soe of its treasury thares at 529 cash per share. Aagust 22 Sold 2,500 of its treasury shares ot 521 cash per share. Septenber 5 oirectors declared a 34 per share cash dividend payable on actober 25 to the Septenber 25 stockholders of record. october 28 pald the dividend declared on Septenber 5. Decesber 31 Closed the $426,000 credit balance (froe net incene) in the incone sumary account to Retained tarnings. Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained eamings for the current year ended December 31 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current yeat: Complete this question by entering your answers in the tabs below. Prepare journal entries to record each of these transactions