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 of the prior year. Comson stock $15 par value, 100,000 shares authoriled, 45,000 ahares inaued and outstanding Paid-in eapital in excess of par value, connon stock Retained earnings zotal stockholders" equity 5675,00060,000400,000$1,135,000 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 ahares of ite own atoek at $25 eash per ahare. January 5 Directora deelared a $5 per whare caah dividend payable on Tebruary 28 to the Fobruary 5 atockholdera of record. February 28 Paid the dividend declared on Janvary 5. July 6 sold 2,500 of ita treasury aharea at 529 cash per whare. Auguet 22 Sold 2,500 of lts treasury sbares at $21 cash per ohare. septeaber 5 birectors declared a $6 per share eash dividend payable on october 2 a to the Ileptember 25 stockholders of record. October 28 Paid the dividend deelared on septeaber 5 . Decenber 31 closed the $380,000 eredit balance (fron net incone) in the Income Samary 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. Complete this question by entering your answers in the tabs below. Prepare journal entries to record each of these transactions. 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 of the prior year. Comron stock-\$15 par value, 100,000 whares authorized, 45,000 aharea issued and outstanding Paid-in copital in excess of par value, common stock Retained earnings Total stoekholdera' equity 5.675,00050,000400,000$1,135,000 During the current year, the following transactions affected its stockholders' equity accounts. Jonuary 2. Purchased 5,000 shores of 1 ts own stock at 525 cash per ahare. January 5 Director deelared a $6 per whare cash dividend payable on February 28 to the February 5 atookholdera of record Tebruary 28 . Paid the dividend declared on January 5 . Joly 6 sold 2,500 of its treasury ahares at $29 cash per whare. August 22 sold 2,500 of its treasury whares at 521 cash per ahare. Septenber 5 Directora declared a $6 per ahare cash dividend payable on october 28 to the septenber 25 atockholdera of record. October 2e. Paid the dividend declared on septeeber 5. December 31 Closed the $388,000 credit balance (from net income) 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. Complete this question by entering your answers in the tabs below. Prepare a statement of retained earnings for the current year ended December 31. (Amounts to be deducted should be indicated by a minus sign.) 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 of the prior year. Comnon atock-515 par value, 100,000 sharen autborired, 45,000 sharea insued and outstanding Paid-in capital in excess of por value, conmon itoek Retained earnings rotal stockholders" equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of ita own wtock at 525 eash per whare. January 5 Directora declared a $6 per share cash dividend payable on February 2.3 to the February 5 atockholdera of record. February 28 Faid the dividend declared on January 5. July 6 sold 2,500 of its treasury ibares at $29 cash per whare. August 22 sold 2,500 of ita treasury wharei at \$21 caah per ahare. september 5 Directors declared a 56 per share canh dividend payable on october 23 to the 5 september 25 itockholdera of record Oetober 28 raid the dividend declared on September 5 . December 31 closed the 536 b, 000 eredit balance (fron net income) in the Incone surmary account to Hetained Earninga. Required: 1. Prepare journal entries to fecord 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. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year