May you please make sure to answer all parts of the question, which are all 3 required. For requirement 1 answer 1-8. Thank you!
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. 2 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 70,000 370,000 $1,690,000 During 2019, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 5,500 shares of its own stock at $20 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 $24 cash per share. Aug. 22 Sold 3,437 of its treasury shares at $17 cash per share. Sept. 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. Dec. 31 closed the $408,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Oct. Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the year ended December 31, 2019. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2019. 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. View transaction list Journal entry worksheet 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2019. 2 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. View transaction list Journal entry worksheet Record the purchase of 5,500 shares of its own common stock for $20 cash per share. Note: Enter debits before credits. Date General Journal Debit Credit Jan 02 110,000 Treasury stock, Common Cash 110,000 Record entry Clear entry View general journal Oct. Dec. 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. 2 Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the year ended December 31, 2019. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2019. 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, 2019. (Amounts to be deducted should be indicated by a minus sign.) KOHLER CORPORATION Statement of Retained Earnings For Year Ended December 31, 2019 Beginning retained earnings $ Add: Net income 370,000 408.000 778,000 Less: Cash dividends declared Less: Treasury stock reissuances Ending retained earnings $ 778.000 2 record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 2,063 of its treasury shares at $24 cash per share. Aug. 22 Sold 3, 437 of its treasury shares at $17 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 $408,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the year ended December 31, 2019. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2019. 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, 2019. KOHLER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2019 Common stock - $25 par value Paid-in capital in excess of par value, common stock 1,275,000 Total contributed capital 1,275,000 Retained earnings Total stockholders' equity $ 1,275,000
