Kohlor Cornoration renorts the following components of stockholders' equity at December 31 of the prior year. During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,000 shares of its own stock at $20 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockhotders of record. February 28 Paid the dividend dectared on January 5 . July 6 Sold 2,000 of its treasury shares at $24 cash per share. August 22 Sold 2,600 of its treasury shares at $16 cash per share. September 5 Directors declared a $2 per share cash dividend payable on october 28 to the September 25 stockhotders of record. October 28 Paid the dividend declared on Septenber 5. Decenber 31 Closed the $388,000 credit balance (from net incone) in the Incone Sumnary account to Retained 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 (2) (3) 4 (5) 6 7 8 Record the purchase of 4,000 shares of its own common stock for $20 cash per share. Note: Enter debits before credits. Record the declaration of a cash dividend of $2 per share. Note: Enter debits before credits. Journal entry worksheet 1 2 4 5 Note: Enter debits before credits. Journal entry worksheet 1 (2) 8 Record the reissue of 2,000 shares of the treasury stock for $24 cash per share. Note: Enter debits before credits. Journal entry worksheet 1 2 78 Record the reissue of 2,000 shares of the treasury stock for $16 cash per share. Note: Enter debits before credits. Journal entry worksheet 1 2 3 4 Record the declaration of a cash dividend of $2 per share. Note: Enter debits before credits. Journal entry worksheet 1 2 3 4 5 Record the payment of the cash dividend. Note: Enter debits before credits. Journal entry worksheet (1) (2) 3 (4) 5 6 Record the entry to close the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Note: Enter debits before credits. Prepare a statement of retained earnings for the current year ended December 31 . (Amounts to be ded indicated by a minus sign.) Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year