Kohler Corporation reports the following components of stockholders equity on December 31, 2017. 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 70,000 Retained earnings 460,000 Total stockholders' equity $ 1,330,000 In year 2018, the following transactions affected its stockholders equity accounts. Jan. 1 Purchased 5,000 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 1,875 of its treasury shares at $24 cash per share. Aug. 22 Sold 3,125 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 2018. 2. Prepare a statement of retained earnings for the year ended December 31, 2018. 3. Prepare the stockholders' equity section of the companys balance sheet as of December 31, 2018.

Kohler Corporation reports the following components of stockholders' equity on December 31, 2017. Common stock-$20 par value, 180,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 800, 000 70, 000 460, 000 Total stockholders' equity $1,330,000 In year 2018, the following transactions affected its stockholders' equity accounts. 1 Purchased 5,000 shares of its own stock at $20 cash per share. 5 Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record. 28 Paid the dividend declared on January 5. 6 Sold 1,875 of its treasury shares at $24 cash per share. 22 Sold 3,125 of its treasury shares at $17 cash per share. 5 Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. 28 Paid the dividend declared on September 5. 31 Closed the $488,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Jan. Jan. Feb. July Aug. Sept. Oct. Dec. Required: 1. Prepare journal entries to record each of these transactions for 2018. 2. Prepare a statement of retained earnings for the year ended December 31, 2018. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2018. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions for 2018. View transaction list Journal entry worksheet 3 4 5 6 7 Record the purchase of 5,000 shares of its own common stock for $20 cash per share. Note: Enter debits before credits. General Journal Credit Date Debit Jan 01 Record entry Clear entry View general journal Journal entry worksheet 3 4 5 6 7 Record the declaration of a cash dividend of $4 per share. Note: Enter debits before credits. Credit Date General Journal Debit Jan 05 Clear entry Record entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 Record the payment of the cash dividend. Note: Enter debits before credits. General Journal Date Debit Credit Feb 28 Record entry Clear entry View general journal Journal entry worksheet 2 3 4 Record the reissue of 3,125 shares of the treasury stock for $17 cash per share. Note: Enter debits before credits. Debit Date General Journal Credit Aug 22 Record entry Clear entry View general journal Journal entry worksheet 2 3 4 Record the declaration of a cash dividend of $4 per share. Note: Enter debits before credits. Date General Journal Debit Credit Sep 05 Record entry Clear entry View general journal 7, Journal entry worksheet 1 2 3 4 5 6 Record the payment of the cash dividend. Note: Enter debits before credits. General Journal Date Debit Credit Oct 28 Record entry Clear entry View general journal Journal entry worksheet 2 3 4 6 Record the entry to close the income summary account having a credit balance of $408,000. Note: Enter debits before credits. Credit Date General Journal Debit Dec 31 Record entry Clear entry View general journal Required 2 Required 1 Required 3 Prepare a statement of retained earnings for the year ended December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.) KOHLER CORPORATION Statement of Retained Earnings For Year Ended December 31, 2018 Required 1 Required 2 Required 3 Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2018. KOHLER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2018 Total contributed capital Total stockholders' equity