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Common stock-$10 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 $ 550,000 60,000 460,000 $1,070,000 Jan. Jan. record. During 2020, the following transactions affected its stockholders' equity accounts. 2 Purchased 4,000 shares of its own stock at $20 cash per share. 5 Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1,500 of its treasury shares at $24 cash per share. Aug. 22 Sold 2,500 of its treasury shares at $17 cash per share. Sept. 5 Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. 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. 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. Journal entry worksheet 1 2 3 4 5 6 7 8 > Record the purchase of 4,000 shares of its own common stock for $20 cash per share. Note: Enter debits before credits. General Journal Debit Credit Date Jan 02 Record entry Clear entry View general Journal X: 1 Record the purchase of 4,000 shares of its own common stock for $20 cash per share. 2 Record the declaration of a cash dividend of $4 per share. 3 Record the payment of the cash dividend. 4 Record the reissue of 1,500 shares of the treasury stock for $24 cash per share. 5 Record the reissue of 2,500 shares of the treasury stock for $17 cash per share. 6 Record the declaration of a cash dividend of $4 per Record the payment of the cash dividend. 8 Record the entry to close the $408,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Prepare a statement of retained earnings for the year ended December 31, 2020. (Amour indicated by a minus sign.) KOHLER CORPORATION Statement of Retained Earnings For Year Ended December 31, 2020 0 $ $ 0 Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2020. KOHLER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2020 Total contributed capital 0 Total stockholders' equity $ 0