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Kohler Corporation reports the following components of stockholders' equity on December 31, 2016: Common stock-$20 par value, 100,000 shares authorized, 45, 000 shares issued and outstanding Paid-in capital in excess of par value, commor stock Retained earnings $ 900,000 70,000 400,000 $1,370,000 Total stockholders' equity In year 2017, the following transactions affected its stockholders' equity accounts Jan. Jan. 1 Purchased 4,000 shares of its own stock at $20 cash per share 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 1,500 of its treasury shares at $24 cash per share. Aug. 22 Sold 2,500 of its treasury shares at $17 cash per share Sept. 5 Directors declared a 52 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 2017 2. Prepare a statement of retained earnings for the year ended December 31, 2017 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017 &Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1Required 2 Required 3 Prepare journal entries to record each of these transactions for 2017 Date General Journal Debit Credit Jan 01 Treasury stock, Common 80,000 Cash 80,000 Jan 05 Retained earnings 90,000 Common dividend payable 90,000 Feb 28 Common dividend paysble 90,000 Cash 90,000