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 atock-\$15 par value, 100,000 shares authorized, 60,000 shares issued and outstanding poid-1n capital in excens of par value, common stook Retained earninga Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 purchaned 6,000 shares of ith own stock at $25 canh per share. January 5 Directora declared a $4 per share cash dividend payable on Pebruary 2 to the february 5 atockholders of record. rebruary 28 Paid the dividend deelared on January 5 . July 6 sold 3,000 of its treasary shares at $29 canh per share. Auguat 22 sold 3,000 of itn treasury shares at $21 canh per share. septenter 5 Directorn declared a $4 per nhare canh dividend payable on october 28 to the septeaber 25 atookholders ot record. October 28 paid the dividend declared on september 5 . December 31 closed the $408,000 credit balance (fron net incone) in the Incane sumary account to Retained Iarnings. 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