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Problem 11-2A (Algo) 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 of the prior year. \begin{tabular}{lrr} Common stock- $15 par value, 100,000 shares authorized, 45,000 shares issued and outstanding & $675,000 \\ Paid-in capital in excess of par value, common stock & 60,000 \\ Retained earnings & 430,000 \\ Total stockholders' equity & $1,165,000 \\ \hline \hline \end{tabular} During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $20 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 2,500 of its treasury shares at $24 cash per share. August 22 Sold 2,500 of its treasury shares at $16 cash per share. September 5 Directors declared a \$2 per share cash dividend payable on 0ctober 28 to the September 25 stockholders of record. 0ctober 28 Paid the dividend declared on September 5. December 31 Closed the $408,000 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 current year ended December 31 . 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year