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-$20 par value, 100,000 shares authorized, 55,000 shares issued and outstanding Paid-in capital in excess of par value, common $1,100,000 70,000 stock 370,000 Retained earnings $1,540,000 Total stockholders' equity In year 2017, the following transactions affected its stockholders' equity accounts. 1 Purchased 5,500 shares of its own stock at $25 cash per share. 5 Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record. 28 Paid the dividend declared on January 5. 6 Sold 2,063 of its treasury shares at $29 cash per share. 22 Sold 3,437 of its treasury shares at $22 cash per share. 5 Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. 28 Paid the dividend declared on September 5. 31 Closed the $408, 000 credit balance (from net income) in the Income Summary account to Retained Earnings. Jan. Jan. Feb. July Aug. Sept. Oct. Dec. 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