Problem 11-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, Kohler Corporation reports the following components of stockholders' equity at December 31, 2018 Common stock-$10 par value, 180,000 shares authorized, 40,800 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $400,000 68,000 270,000 $ 730,000 During 2019, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 4,000 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of re 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 52 per share cash dividend payable on October 28 to the September 25 stockholders of re Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the 5388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the year ended December 31, 2019 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2019. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a statement of retained earnings for the year ended December 31, 2019. (Amounts to be deducted should be Indicated by a minus sign) KOHLER CORPORATION Statement of Retained Earnings For Year Ended December 31, 2019 0 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 at December 31, 2018. Common stock-510 par value, 100,000 shares authorized, 48,090 shares issued and outstanding Poid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $400,000 60,000 270,000 $ 730,000 During 2019, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 4,000 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a 52 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 52 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 $385,000 credit balance (from net income) in the Incone Summary account to Retained Earnings Required: 1. Prepare joumal entries to record each of these transactions 2. Prepare a statement of retained earnings for the year ended December 31, 2019 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2019. Complete this question by entering your answers in the tabs below. Required Required 2 Required Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2019 KOHLER CORPORATION Stockholders' Equity Section of the lalance Sheet December 31, 2019 Total contributed Totohodin equity 5 0
