Kohler Corporation reports the following components of stockholders' equity on December 31, 2016: 16 Common stock-$25 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 $1,375,000 70,000 460,000 $1,905,000 25 points ( 01:30:52 In year 2017, 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 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 1 Required 2 Required 3 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 4,500 shares of its own common stock for $20 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 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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 $ 18 In 2017, Randa Merchandising, Inc., sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. A listing of the major sections of an income statement follows: Debit Credit $2,810,000 266,000 40 points Item 1. Net sales 2. Gain on state's condemnation of company property, net of tax 3. Cost of goods sold 4. Income taxes expense 5. Depreciation expense 6. Gain on sale of wholesale business segment, net of tax 7. LOSS from operating wholesale business segment, net of tax 8. Loss of assets from meteor strike, net of tax $1,434,069 207,000 242,500 775,000 X 01:32:00 442,000 650,000 Prepare the income statement for calendar year 2017. (Loss amounts should be indicated with a minus sign.) RANDA MERCHANDISING, INC. Income Statement For Year Ended December 31, 2017 Net sales $ 2,810,000 Expenses: Cost of goods sold Depreciation expense $ 1,434,069 242,500 Total operating expenses 1,676,569 1,133,431 Other unusual and/or infrequent gains (losses) Gain on state's condemnation of company property, net of tax Income taxes expense 266,000 207,000 1,606,431 1,606,431 Discontinued segment: Loss from operating wholesale business segment (net of tax) Gain on sale of wholesale business segment (net of tax) Loss on assets from meteor strike, net of tax 442,000 775,000 (650,000) $ 567,000 2,173,431 $