Kohler Corporation reports the following components of stockholders' equity on December 31, 2016: Common stock-$20 par value, 100,e00 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings 800,000 7e,e0e 400,000 Total stockholders equity $1,270,000 In year 2017, the following transactions affected its stockholders' equity accounts. 1 Purchased 5,000 shares of its oun stock at $15 cash per share. 5 Directors declared a $2 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 $19 cash per share. 22 Sold 3,125 of its treasury shares at $12 cash per share. Jan. Jan. Feb. July Aug. Sept. 5 Directors declared a $2 per share cash dividend payable on october 28 to the September 25 stockholders of record. Oct. Dec. ces 28 Paid the dividend declared on September 5. 31 Closed the $428,000 credit balance (from net income) in the Income Sunsary 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 Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions for 2017. View transaction list View journal entry worksheet 1 Record the purchase of 5,000 shares of its own common stock for $15 cash per share. Record the declaration of a cash dividend of $2 per share. 2 Record the payment of the cash dividend. 3 Record the reissue of 1,875 shares of the treasury stock for $19 cash per share. 4 Record the reissue of 3,125 shares of the treasury stock for $12 cash per share. Record the declaration of a cash dividend of $2 per share. 6 Note: = journal entry has been entered X: Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions for 2017. View transaction list View journal entry worksheet Record the payment of the cash dividend. 3 Record the reissue of 1,875 shares of the treasury stock for $19 cash per share. 4 Record the reissue of 3,125 shares of the treasury stock for $12 cash per share. Requ Record the declaration of a cash dividend of $2 per share. 6 Record the payment of the cash dividend. 7 Record the entry to close the income summary account having a credit balance of $428,000. 8 journal entry has been entered Note EX et un Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a statement of retained earnings for the year ended December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.) KOHLER CORPORATION Statement of Retained Earnings For Year Ended December 31, 2017 0 S 0
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