Kohler Corporation reports the following components of stockholders equity on December 31, 2013:

Common Stock- $10 par value, 100,000 shares authorized,

40,000 shares issued and outstanding. $400,000

Paid-in capital in excess of par value, common stock .. 60,000

Retained Earnings .. 270,000

Total Stockholders Equity $730,000

In 2014, the following transactions affected its stockholders equity accounts.

Jan. 1: Purchased 4,000 shares of its own stock at $20 cash per share.

Jan. 5: Directors declared a $2 per share cash dividend payable on Feb. 28 to the stockholder of record.

Feb 28: Paid the dividend declared on January 5.

July 6: Sold 1,500 of its treasury shares at $24 cash per share.

Aug. 22: Sold 2,500 of its treasury shares at $17 cash per share.

Sept. 5: Directors declared a $2 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 $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 for 2014.
2. Prepare a statement of retained earnings for the year ended December 31, 2014
3. Prepare the stockholders equity section of the companys balance sheet as of December 31, 2014.