Konler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-\$15 par value, 100,000 shares authorized, 60,000 sharen fssued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders equity During the current year, the following transactions aftected its stockholders' equity accounts. January 2 Purchased 6,000 shares of its own stock at $20 cash per share. January 5 Directorn declared a $6 per share caob dividend payeble on Pobruary 28 to the rebruary 5 atookbolders of reeord. Pebruary 28 paid the dividend declared on January 5 . July 6 sold 3,000 of its treasury ahares at $24 eash per mhare. Auguat 22 sold 3,000 of itn treanury ahared at $16 eash per mhare. september 5 Directors declared a 56 per thare cash dividend payable on october 28 to the septenber 25 stockholders of record. October 28 Paid the dividend declared on Septenber 5. Decenber, 31 ciosed the $388,000 eredit balance (fron not income) in the Incone surmary account to getained Earnings. Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31 . 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Journal entry worksheet 45678 Record the purchase of 6,000 shares of its own common stock for $20 cash per share. Note: Enter debits before credits. prehensive Problem (i Prepare a statement of retained earnings for the current year ended Decemb Note: Amounts to be deducted should be indicated by a minus sign. Prepare the stockholders' equity section of the balance sheet as of December 31 of t