Kohler Corporation reports the following components of stockholders equity on December 31, 2013: Questions 1 have already been answered I have attached it for your information to be used for question number 2.

1. Kara Ries, Tammy Bax and Joe Thomas invested $80,000, $112,000 and $128,000 respectively in a partnership. During its first calendar year, he firm earned $249,000. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $249,000 net income to the partners under each of the following separate assumptions: The partners 1. Have no agreement on the method of sharing income and loss. 10 pts. 2. Agreed to share income and loss in the ratio of their beginning capital investments and 15 pts. 3. Agreed to share income and loss by providing annual salary allowances of $66,000 to Ries, $56,000 to Bax, and $80,000 to Thomas: granting 10% interest on the partners' beginning capital investments and sharing the remainder equally. 15 pts. 2. 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 company's balance sheet as of December 31, 2014. INCOME SUMMARY A/C DEBIT $249,000 KARA RIES CAP A/C TAMMY BAX CAP A/C JOE THOMAS CAP A/C CREDIT $83,000 $83,000 $83,000 The partners agreed to share income and loss in the ratio of their beginning capital INCOME SUMMARY A/C DEBIT $249,000 KARA RIES CAP A/C TAMMY BAX CAP THOMAS CAP A/C Net Income: $ Less Salary Allowance Less Int on Capital Net Income Distributable Journal INCOME SUMMARY A/C KARA RIES CAP A/C TAMMY BAX CAP A/C JOE THOMAS CAP A/C CREDIT $62,250 $87,150 $99,600 $249,000 $202,000 $32,000 $15,000 ($3000 each) DEBIT $249,000 CREDIT 77000 $70,200 $95,800