Kohler Corporation reports the following components of stockholders equity on December 31, 2016:

Common stock$10 par value, 100,000 shares authorized, 50,000 shares issued and outstanding	$500,000
Paid-in capital in excess of par value, common stock	80,000
Retained earnings	400,000
Total stockholders' equity	$980,000

In year 2017, 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 $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 1,500 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 $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 $368,000 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 declaration of a cash dividend of $4 per share.
• Record the payment of the cash dividend.
• Record the reissue of 1,500 shares of the treasury stock for $24 cash per share.
• Record the reissue of 2,500 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 $368,000.