Saved 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, 45,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity eee'ee6 8e,000 430,000 $1,410,000 In year 2017, the following transactions affected its stockholders equity accounts. 1 Purchased 4,000 shares of its own stock at $20 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 1,500 of its treasury shares at $24 cash per share. 22 Sold 2,s00 of its treasury shares at $17 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 Complete this question by entering your answers in the tabs below. Jan. 5 Directors declared a $4 per share cash dividend payable February 28 to the February 5 stockho on 28 Paid the dividend declared on January 5. 6 Sold 1,500 of its treasury shares at $24 cash per share. July 22 Sold 2,500 of its treasury shares at $17 cash per share. Aug. Sept. 5 Directors declared a $4 per share cash dividend payable Oct. 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 Ea Feb. on October 28 to the September 25 stockhc 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 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, 2017. (Amounts to be deducted should be indicated by a minus sign.) KOHLER CORPORATION Statement of Retained Earnings For Year Ended December 31, 2017 0 $ 0 Required 1 Required 3 > 1 Purchased 4,000 shares of its own stock at $20 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 1,500 of its treasury shares at $24 cash per share. Jan. Jan. Feb. July 22 Sold 2,500 of its treasury shares at $17 cash per share. Aug. 5 Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. Sept. 28 Paid the dividend declared on September 5. Oct. Dec. 31 Closed the $406,00e 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 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, 2017. KOHLER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2017 Total contributed capital 0 0 Total stockholders' equity Rgaired 3
