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Mainly please fix the errors I have Kohler Corporation reports the following components of stockholders' equity on December 31, 2017 Common stock-$25 par value, 100,000
Mainly please fix the errors I have
Kohler Corporation reports the following components of stockholders' equity on December 31, 2017 Common stock-$25 par value, 100,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $1,250,000 60,000 460,000 $1,770,000 In year 2018, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 5,500 shares of its own stook at $15 cash per share. Jan. 5 Directors declared a $2 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 2,063 of its treasury shares at $19 cash per share. Aug 22 Sold 3,437 of its treasury shares at $12 cash per share. Sept. 5 Directors declared a $2 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 $388,000 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 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. Answer is complete but not entirely correct. Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions for 2018. No Date Debit Credit 1 Jan 01 General Journal Treasury stock, Common Cash 82,500 > 82,500 2 Jan 05 89,000 Retained earnings Common dividend payable >> 89,000 3 Feb 28 Common dividend payable 89,000 Oo Cash 89,000 4 Jul 06 39,197 O Cash Treasury stock, Common Paid-in capital, Treasury stock 30,945 8,252 5 Aug 22 Cash Paid-In capital, Treasury stock Retained earnings Treasury stock, Common OOOO 41,244 8,252 15,807 65,303 6 Sep 100,000 Retained earnings Common dividend payable 100,000 7 Oct 28 100,000 Common dividend payable Cash ol 100,000 8 Dec 31 388,000 Incomo summary Retained earnings 388,000 Required Required 2 > In year 2018, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 5,500 shares of its own stock at $15 cash per share. Jan. 5 Directors declared a $2 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 2,063 of its treasury shares at $19 cash per share. Aug. 22 Sold 3,437 of its treasury shares at $12 cash per share. Sept. 5 Directors declared a $2 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 $388,000 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 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a statement of retained earnings for the year ended December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.) KOHLER CORPORATION Statement of Retained Earnings For Yoar Ended December 31, 2018 Retained earnings, Dec 31, 2017 $ 460,000 Add: Net income 388,000 848,000 Less: Cash dividends declared 189,000 Less: Treasury stock reissuances 15,807 Retained earnings, Dec 31, 2018 $ 1.052,807 In year 2018, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 5,500 shares of its own stock at $15 cash per share. Jan. 5 Directors declared a $2 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 2,063 of its treasury shares at $19 cash per share. Aug. 22 Sold 3,437 of its treasury shares at $12 cash per share. Sept. 5 Directors declared a $2 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 $388,000 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 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, Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2018. KOHLER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2018 Common stock - $25 par value $ 1,260,000 Paid-in capital in excess of par value, common stock 60,000 Total contributed capital 1,310,000 Retained earnings 643,1933 Total stockholders' equity $ 1,953,193 Step by Step Solution
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