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. Common stock-\$25 par value, 100,000 whares authorized, 60,000 sharen issued and outstanding Paid-in capital in exceene of par valuo, common atock retained eorningn rotal atockholdern' equity During the current year, the following transactions affected its stockholders' equity accounts. Sanuary 2 Purehased 5,000 tharen of its own stock at $20 cash per share. January 5 Directors declared a 54 per ahare canh dividend payable on robruary 2n to the rebruary 5 utockholders of record. February 28 Paid the dividend declared on January 5 . July 6 sold 2,500 of itil treasury ahares at $24 cash per whare. August 22 fold 2,500 of ita treasury shares at 516 cash per ahare. September 5 pirectors declared a 54 per share cash dividend payable on october 28 to the september 25 stoekholderi of record. ootober 28 Paid the dividend deolared on september 5. Vecenber 31 closed the 5388,000 credit balance (from net income) in the Income surmary account to letained Rarnings. Pequired: Prepare journal entries to record each of these transactions. Prepare a statement of retained earnings for the current year ended December 31. 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. Journal entry worksheet Record the purchase of 5,000 shares of its own common stock for $20 cash per share. Note: Enter debits before credits. 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.) 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 the stockholders' equity section of the balance sheet as of December 31 of the current year