Problem 11-2A (Algo) Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler Corporation reports the following components of stockholders' equity at December 31, 2019. Common stock-$15 par value, 100,000 shares authorized, 55,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $825,000 70,000 460,000 Total stockholders' equity $1,355,000 During 2020, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 5,000 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 1,875 of its treasury shares at $24 cash per share. Aug. 22 Sold 3,125 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, 2020. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2020. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 31 Collapse book rences 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 5 6 7 8 Record the purchase of 5,000 shares of its own common stock for $20 cash per share. Note: Enter debts before credits General Journal Debi Credit Date Jan 02 Clear entry View general Journal Record entry 100% ollapse ellook References equay section of the company's balance sheet as of December 31, 2020. 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, 2020. (Amounts to be deducted should be indicated by a minus sign.) KOHLER CORPORATION Statement of Retained Earnings For Year Ended December 31, 2020 Required 3 >