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Kohler Corporation reports the following components of stockholders' equity at December 31 of the prioryear. Common stock$25 par value, 100,000 shares authorized, 55,000 shares issued and outstanding $ 1,375,000 Paidin capital in excess of par value. common stock 80,000 Retained earnings 400,000 Total stockholders' equity $ 1,855,000 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $15 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 1,875 of its treasury shares at $19 cash per share. August 22 Sold 3,125 of its treasury shares at $11 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 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 current year ended December 31. 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. No Date General Journal Debit Credit 1 January 02 Treasury stock, Common 75,000 Cash 75,000 2 January 05 Retained earnings Common dividend payable 3 February 28 Common dividend payable Cash 4 July 06 Cash Treasury stock, Common Paid-In capital, Treasury stock 5 August 22 Cash Paid-In capital, Treasury stock Treasury stock, Common 6 September 05 Retained earnings Common dividend payable 7 October 28 Common dividend payable Cash 8 December 31 Income summary 408,000 Retained earnings 408,000Prepare a statement of retained earnings for the current year ended December 31. (Amounts to be deducted should be indicated by a minus sign.) Retained earnings, December 31, prior year Add: Net income ess: Cash dividends declared Retained earnings, December 31, current year 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Paid-in capital in excess of par value, common stock _ Total contributed capital . Retained earnings _ Total stockholders' equity