Kohler Corporation reports the following components of stockholders' equity on December 31, 2017. 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 60,000 400,000 $1,010,000 In year 2018, the following transactions affected its stockholders' equity accounts. Jan. Jan. Feb. July Aug. Sept. 1 Purchased 4,500 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 1,688 of its treasury shares at $24 cash per share. 22 Sold 2,812 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 $388,000 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 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. 1 Record the purchase of 4,500 shares of its own common stock for $20 cash per share. 2 Record the declaration of a cash dividend of $4 per share. 3 Record the payment of the cash dividend. 4 Record the reissue of 1,688 shares of the treasury stock for $24 cash per share. 5 Record the reissue of 2,812 shares of the treasury stock for $17 cash per share. 6 Record the declaration of a cash dividend of $4 per share. 7 Record the payment of the cash dividend. Record the entry to close the income summary account having a credit balance of $388,000