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. Comon stock-515 par value, 100,000 shares outhorized, 50 , 000 shares issued and outstanding Paid-in capital in excess of par value, connon stock Retained earnings Total stockholders' equity Duting the current year, the following transactions affected its stockholders' equity accounts. January 2. Purchased 6,900 shares of its om stock at 520 cash per share. January 5 pirectors declared a 34 per share cash dividend payable on February 28 to the february $ stockholders of record. February 28 Paid the dividend declared on lanwary 5. July 6 5old 3,000 of its treasury shares at 324 cash per whare. August 22 Sold 3,000 of its treasury shares at 316 cash per share. Septenber 5 birectors declared a is per share cash dividend payable on october 28 to the Septeeber 25 stockholdees of recard. octotier 28 Paid the dividend deciared on Septeatien s. Decenber 31 Closed the $4218,000 credit balance (from net incene) in the thcome Sumary account to lletained furnings. Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained eamings 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, Prepare journal entries to record each of these transactions. Journal entry worksheet 678 Record the purchase of 6,000 shares of its own common stock for $20 cash per share. Note: Enter debits before credits. Prepare a statement of retained earnings for the current year ended December 31 . (Amounts to be deducted should be indicated by a minus sign.) Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year