Kohler Corporation reports the following components of stockholders' equity on December 31, 2016: Common stock-$25 par value, 100,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $1,500,000 60,000 370,000 $1,930,000 In year 2017, the following transactions affected its stockholders' equity accounts. Jan. Feb. July Aug. Sept. 1 Purchased 6,000 shares of its own stock at $25 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 2,250 of its treasury shares at $29 cash per share. 22 Sold 3,750 of its treasury shares at $22 cash per share. 5 Directors declared a $2 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 $408,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Oct. Dec. 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. 1 Record the purchase of 6,000 shares of its own common stock for $25 cash per share. 2 Record the declaration of a cash dividend of $2 per share. 3 Record the payment of the cash dividend. 4 Record the reissue of 2,250 shares of the treasury stock for $29 cash per share. 5 Record the reissue of 3,750 shares of the treasury stock for $22 cash per share. 6 Record the declaration of a cash dividend of $2 per share. 7 Record the payment of the cash dividend. 8 Record the entry to close the income summary account having a credit balance of $408,000. Prepare journal entries to record each of these transactions for 2017. View transaction list Journal entry worksheet 2 3 4 5 6 7 8 Record the purchase of 6,000 shares of its own common stock for $25 cash per share. Note: Enter debits before credits. General Journal Debit Credit Date Jan 01 Record entry Clear entry View general journal Required 1 Required 2 > 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 Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017. KOHLER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2017 Total contributed capital Total stockholders' equity