Kohler Corporation reports the following components of stockholders equity on December 31, 2016: Common stock$20 par value, 100,000 shares authorized, 40,000 shares issued and outstanding $ 800,000 Paid-in capital in excess of par value, common stock 60,000 Retained earnings 370,000 Total stockholders' equity $ 1,230,000 In year 2017, the following transactions affected its stockholders equity accounts. Jan. 1 Purchased 4,500 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $4 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 1,688 of its treasury shares at $24 cash per share. Aug. 22 Sold 2,812 of its treasury shares at $17 cash per share. Sept. 5 Directors declared a $4 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 $408,000 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 companys balance sheet as of December 31, 2017. -Record the purchase of 4,500 shares of its own common stock for $20 cash per share. -Record the declaration of a cash dividend of $4 per share. -Record the payment of the cash dividend. -Record the reissue of 1,688 shares of the treasury stock for $24 cash per share. -Record the reissue of 2,812 shares of the treasury stock for $17 cash per share. - Record the declaration of a cash dividend of $4 per share. -Record the payment of the cash dividend. -Record the entry to close the income summary account having a credit balance of $408,000. -repare a statement of retained earnings for the year ended December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.) -Prepare the stockholders' equity section of the companys balance sheet as of December 31, 2017.