The journal entries label options are as follows:

Record the purchase of 5,500 shares of its own common stock for $15 cash per share.

Record the declaration of a cash dividend of $4 per share.

Record the payment of the cash dividend.

Record the reissue of 2,063 shares of the treasury stock for $19 cash per share.

Record the reissue of 3,437 shares of the treasury stock for $12 cash per share.

Record the declaration of a cash dividend of $4 per share.

Record the payment of the cash dividend.

Record the entry to close the income summary account having a credit balance of $428,000.

The options to label the journal are as follows:

Building

Cash

Common dividend payable

Common stock dividend distributble

Common stock, .50 par value

Common stock, 1.00 Par value

Common stock, 1.00 stated value

Common stock, 10.00 par value

Common stock, 20.00 par value

Common stock, 8.00 stated value

Common stock, No-par value

Income summary

inventory

Land

Machinery

Note Payable

Organization expenses

Paid-in capital in excess of par value, common stock

Paid-in capital in excess of par value, Preferred stock

Paid-in capital in excess of stated value, common stock

Paid-in capital, Treasury stock

Preferred stock, $50 par value

Retained earnings

Treasury stock, common

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-$15 par value, 100,000 shares authorized, 55,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 825,000 70,000 400,000 $1,295,000 In year 2017, the following transactions affected its stockholders' equity accounts. Jan. Jan. Feb. July Aug. Sept. 1 Purchased 5,500 shares of its own stock at $15 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 2,063 of its treasury shares at $19 cash per share. 22 Sold 3,437 of its treasury shares at $12 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 $ 428,000 credit balance (from net income) in the Income Summary account to Retained Earnings. 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