Kohler Corporation reports the following components of stockholders' equity on December 31, 2016: Common stock-$15 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 600,000 80,000 370, 000 $1,050,000 In year 2017, the following transactions affected its stockholders' equity accounts. Jan. Jan. 1 Purchased 5,500 shares of its own stock at $25 cash per share. 5 Directors declared a $6 per share cash dividend payable on February 28 to the February 5 stockholders of record Feb. 28 Paid the dividend declared on January 5. July 6 Sold 2,063 of its treasury shares at $29 cash per share. Aug. 22 sold 3,437 of its treasury shares at $22 cash per share. Sept. 5 Directors declared a $6 per share cash dividend payable on october 28 to the September 25 stockholders of record oct. 28 Paid the dividend declared on September 5 Dec. 31 Closed the $368,000 credit balance (from net income) in the Income Summary account to Retained Earnings Required 1. Prepare journal entries to record each of these transactions for 2017. 2. Prepare a statement of retained earnings for the year ended December 31, 2017 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017 Prepare journal entries to record each of these transactions for 2017. No Date General Journal Debit Credit Jan 01 Treasury stock, Common 37,500 137,500 Cash Jan 05 207,000 2 Retained earnings Common dividend payable 207,000 Feb 28 Common dividend payable 207,000 Cash 207,000 4 Jul 06 Cash 59,827 Treasury stock, Common 51,57 Paid-In capital, Treasury stock 8,252 Aug 22 Retained earnings 85,925 75,614 10,311 Cash Paid-In capital, Treasury stock 6 Sep 05 Retained earnings 100,000 Common dividend payable 100,000 7 Oct 28 Common dividend payable 100,000 Cash 100,000 368,000 8 Dec 31 Income summary Retained earnings 368,000 Required 1 Required 2> Kohler Corporation reports the following components of stockholders' equity on December 31, 2016 Common stock-$15 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 600,000 80,000 370,000 $1,050,000 In year 2017, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 5,500 shares of its own stock at $25 cash per share Jan 5 Directors declared a $6 per share cash dividend payable on February 28 to the February 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 2,063 of its treasury shares at $29 cash per share. Aug. 22 Sold 3,437 of its treasury shares at $22 cash per share. Sept. 5 Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of record. oct. 28 Paid the dividend declared on September 5 Dec. 31 Closed the $368,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required 1. Prepare journal entries to record each of these transactions for 2017. 2. Prepare a statement of retained earnings for the year ended December 31, 2017. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017. Complete this question by entering your answers in the tabs below Required 1Required 2 Required Prepare a statement of retained earnings for the year ended December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.) KOHLER CORPORATION Statement of Retained Earnings For Year Ended December 31, 2017 0 Kohler Corporation reports the following components of stockholders' equity on December 31, 2016 Common stock-$15 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 600,000 80,000 370,000 $1,050,000 In year 2017, the following transactions affected its stockholders' equity accounts Jan. 1 Purchased 5,500 shares of its own stock at $25 cash per share Jan. 5 Directors declared a $6 per share cash dividend payable on February 28 to the February 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 2,063 of its treasury shares at $29 cash per share. Aug. 22 Sold 3,437 of its treasury shares at $22 cash per share. Sept. 5 Directors declared a $6 per share cash dividend payable on october 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September5 Dec. 31 Closed the $368,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required 1. Prepare journal entries to record each of these transactions for 2017 2. Prepare a statement of retained earnings for the year ended December 31, 2017. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017. Complete this question by entering your answers in the tabs below. Required 1 Required 2Required 3 Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017 KOHLER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2017 Total contributed capital 0 Total stockholders' equity