Kohler Corporation reports the following components of stockholders equity at December 31 of the prior year.

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Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. \begin{tabular}{lr} Conmon stock- $10 par value, 100,000 shares authorized, 55,000 shares issued and outstanding & $550,000 \\ Paid-in capital in excess of par value, common stock & 60,000 \\ Retained earnings & 400,000 \\ \hline Total stockholders' equity & $1,010,000 \\ \hline \hline \end{tabular} During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 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 2,500 of its treasury shares at $29 cash per share. August 22 Sold 2,500 of its treasury shares at $21 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 $388,000 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. Complete this question by entering your answers in the tabs below. Prepare a statement of retained earnings for the current year ended December 31. Note: Amounts to be deducted should be indicated by a minus sign