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 Becember 31 of the prioryear: Common stock-\$20 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings:- Total stockholders = equity During the current y ear the following transactions affected its stockholders' equity accounts. january 2 purchased 5,000 shares of its oivn stock =at $25 cash per share. 10 anuary 5 Directons 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 5old 2,500 of its treasuny shanes at $29 eash per share. August 22 sold 2,500 of its theasury shares at \$21 cash per share. September 5 birectors declaned a $2 per share cash dividend pay ablel on october 28 to the september 25 stockholders of record. October 28 paid the dividend declared on September 5. December 31 - Closed the $368,000 cnedit balance-(from-net income) in the Income Summary account to Retained Earnings. Required: 1. Prepare journalentries to-record each of these transactions. 2. Prepare a statementi of retained earnings for the current yearended December 31. 3. Prepare the stockholders equityl sectionof the balance-sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Prepare a statement of retained earning s for the current year ended December 31 . Amounts to be deducted should be indicated by a minus-sign.)