Problem 13-2A 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-$10 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 400,000 60,000 270, eee $ 730,000 During 2019, the following transactions affected its stockholders' equity accounts. Jan. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5. Sept. 5 Directors declared a $2 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 $388,000 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, Prepare journal entries to record each of these transactions. View transaction list Journal entry worksheet 2 3 5 > Record the declaration of a cash dividend of $2 per share. Note: Enter debits before credits. General Journal Debit Credit Date Sep 05 Cash 80,000 Treasury stock, Common Paid-in capital, Treasury stock 72,000 8,000 Record entry Clear entry View general journal WC 31 LLOsea the 300, creant balance (From net income in the income Summary account to retained tarnings. 11 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. clock 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 loginning retained earnings Add Not income Less Cash dividends declared Ending retained earnings 270,000 388,000 INC SE Leathe 360, creant balance (trom nec ancome) in the income Summary account to retained tarnings. 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 the stockholders' equity section of the company's balance sheet as of December 31, 2019. KOHLER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2019 Total stockholders' equity