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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

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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 $ 900,000 60,000 370,000 $1,330,000 In year 2017, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 4,500 shares of its own stock at $25 cash per share. Jan. 5 Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1,688 of its treasury shares at $29 cash per share. Aug. 22 Sold 2,812 of its treasury shares at $22 cash per share. Sept. 5 Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of Oct. 28 Paid the dividend declared on September 5. Dec. 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 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 1 1 2 3 4 5 6 7 8 Record the purchase of 4,500 shares of its own common stock for $25 cash per share. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 1 3 4 6 7 UV Record the declaration of a cash dividend of $4 per share. Note: Enter debits before credits. Date General Journal Debit Credit Jan 05 N 4 5 6 7 8 8 Record the payment of the cash dividend. Note: Enter debits before credits. Date General Journal Debit Credit Feb 28 Record the reissue of 2,812 shares of the treasury stock for $22 cash per share. Note: Enter debits before credits. Date General Journal Debit Credit Aug 22

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