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Problem 11-2A (Algo) Cash dividends, treasury stock, and statement of retained earnings LO C3, PZ, P3 Kohler Corporation reports the following components of stockholders' equity at December 31,2019. During 2020 , the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,500 shares of its own stock at $20 cash per share. January 5 Directors declared a $6 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 2,063 of its treasury shares at $24 cash per share. August 22 Sold 3,437 of its treasury shares at $17 cash per share. September 5 Directors declared a $6 per share cash dividend payable on october 28 to the september 25 stockholders of record. October 28 Paid the dividend declared on September 5 . December 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 31,2020 . 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31,2020 . Prepare journal entries to record each of these transactions. Journal entry worksheet 5 6 7 Record the declaration of a cash dividend of $6 per share. Note: Enter debits before credits. Journal entry worksheet 5 Record the payment of the cash dividend. Note: Enter debits before credits. Journal entry worksheet Record the reissue of 2,063 shares of the treasury stock for $24 cash per share. No Journal entry worksheet Record the reissue of 3,437 shares of the treasury stock for $17 cash per share. Note: Enter debits before credits. Journal entry worksheet Record the declaration of a cash dividend of $6 per share. Note: Enter debits before credits. Journal entry worksheet 5 Record the payment of the cash dividend. Note: Enter debits before credits. Journal entry worksheet 1 3 6 Record the entry to close the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Note: Enter debits before credits. this question by entering your answers in the tabs below. Prepare a statement of retained earnings for the year ended December 31,2020 . Note: Amounts to be deducted should be indicated by a minus sign. Complete this question by entering your answers in the tabs below. Prepare the stockholders' equity section of the company's balance sheet as of December 31,2020