Kohler Corporation reports the following components of stockholders' equity on December 31, 2016 Common stock-$10 par value, 100,000 shares authorized, 55,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $550,000 70,000 370,000 $ 990,000 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 $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 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 $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 $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 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 Required3 Prepare journal entries to record each of these transactions for 2017. View transaction list Journal entry worksheet 1234 5678 Record the purchase of 5,500 shares of its own common stock for $25 cash per share