Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock- $25 par value, 100,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 6,000 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 stockhotders record. February 28 Paid the dividend declared on January 5. July 6 Sold 3,000 of its treasury shares at 524 cash per share. August 22 Sold 3,000 of its treasury shares at s16 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders record. October 28 Paid the dividend declared on Septenber 5. December 31 Closed the 5488,000 credit balance (from net income) in the Income Sumary account to Retained Earning 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. Journal entry worksheet Record the purchase of 6,000 shares of its own common stock for $20 cash per share. Note: Enter debits before credits. Journal entry worksheet Record the declaration of a cash dividend of $2 per share. Note: Enter debits before credits. Journal entrv worksheet Journal entry worksheet (1) 6 (7) 8 Record the reissue of 3,000 shares of the treasury stock for $24 cash per share, Note: Enter debits before credits. Journal entry worksheet 1 2 (3) 7(8 Record the reissue of 3,000 shares of the treasury stock for $16 cash per share. Note: Enter debits before credits. Journal entry worksheet 1 2 3 4 Record the declaration of a cash dividend of $2 per share. Note: Enter debits before credits. 1 2 3 4 (5) 6 8 Record the payment of the cash dividend. Note: Enter debits before credits. \begin{tabular}{|c|l|l|l|} \hline Date & \multicolumn{1}{|c|}{ General Journal } & Debit & Crodit \\ \hline October 28 & Common dividend payable & 240,000 & \\ \hline & Cash & & 240,000 \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Record entry Clear entry View general journal Required 2> Journal entry worksheet Record the entry to close the $408,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Note: Enter debits before credits: Complete this question by entering your answers in the tabs below. Prepare a statement of retained earnings for the current year ended December 31 . (Amounts to be deducted sh) indicated by a minus sign.) Complete this question by entering your answers in the tabs below. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year
