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Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior yoar. Conmon ntook-\$10 par value, 100,000 whares authorized, 40,000 shares issued and outsitanding Paid-in capital in excess of par value, cosmon stock Hetained earnings Total stoekholdere' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,000 whares of its own stock at $20 cash per share. January 5 Directorn declared a $2 per share cash dividend payable on February 28 to the February 5 atockholders of record. February 28 Paid the dividend declared on January 5. July 6 sold 2,000 of - it treanury shares at $24 eash per share. Augast 22 sold 2,000 of its treasury whares at $16 cash per share. September 5 Directorb declared a $2 per share cash dividend payable on Oetober 28 to the septeaber 25 stockholdera of october 28 Pecord. Paid dividend declared on september 5 . Decenber 31 closed the 5388,000 credit balance (from net income) in the Incone suamary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31. 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Prepare a statement of retained earnings for the current year ended December 31 . (Amounts to be deduct. indicated by a minus sign.) Prepare the stockholders' equity section of the balance sheet as of December 31 of the current ye

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