Problem 11-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler Corporation reports the following components of stockholders equity on December 31, 2016: Common stock-$25 par value, 100,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $1,250,000 60,000 430,000 $1,740,000 In year 2017, the following transactions affected its stockholders equity accounts. Jan 1 Purchased 4,000 shares of its own stock at $20 cash per share. an. 5 Directors declared a $4 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 1,500 of its treasury shares at $24 cash per share. Aug. 22 Sold 2,500 of its treasury shares at $17 cash per share. Sept. 5 Directors declared a $4 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 $368,e00 credit balance (from net income) in the Income Summary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions for 2017. 2. Prepare a statement of retained earnings for the year ended December 31, 2017 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017 Required 1 Required 2Required 3 Prepare journal entries to record each of these transactions for 2017. View transaction list Journal entry worksheet 2 3 4 6 7 Record the purchase of 4,000 shares of its own common stock for $20 cash per share. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Treasury stock, Common 80,000 Cash 80,000 Record entry Clear entry View general journal Required 1 Required 2Required 3 Prepare a statement of retained earnings for the indicated by a minus sign.) KOHLER CORPORATION Statement of Retained Earnings For Year Ended December 31, 2017 Required 1 Required 2 Required 3 Prepare the stockholders' equity section of the company's balance sh KOHLER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2017 Total contributed capital Total stockholders' equity Required 1 Required 2 Required 3 Prepare the stockholders' equity section of the company's balance sh KOHLER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2017 Total contributed capital Total stockholders' equity