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Kohler Corporation reports the following components of stockhoiders' equity at December 31 of the prior year. Common stock-\$10 par value, 100,000 shares authorized, 45,000 shares issued and outstanding Paid-in capital in excess of par value, corinon stock Retained earrings Total ntockholdersi equity $450,00060,800460,000$970,000 During the current year, the following transactions affected iss stockholders' equity accounts. January 2 Purchased 5 , opo shares of its own stock at 520 cash per share. January. 5 Directors deelared a: 56 pef share cash dividend payable on February 28 to the Fobruary 5 stockholders of record. Fehruary 28 Paid the dividend declared on january 5 . July 6 sold 2,500 of it 5 treasury shares at s24 eash per share. August 22 5old 2,500 of 1 ts treasury shares at 516 cash per share. September 5 birectors declared a 56 per share cash dividend payable on october 28 to the September 25 steckhelders of record. october 28 Paid the dividend declared on september 5 . Decenber 31 closed the $388,000 credit balance (from net incone) in the Incone sunnary account to Retained Earnangs. 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 stockhoiders' equity section of the balance sheet as of December 31 of the current year: Prepare journal entries to record each of these transactions. Journal entry worksheet Record the purchase of 5,000 shares of its own common stock for $20cash per share. Note: Enter debins before credits: Journal entry worksheet 567 Record the declaration of a cash dividend of $6 per share. Note: Enter debits before credits. Journal entry worksheet 5 Record the payment of the cash dividend. Note: Enter debits before credits. Journal entry worksheet Record the reissue of 2,500 shares of the treasury stock for $24 cash per share. Note: Enter debits before credits. Journal entry worksheet Record the reissue of 2,500 shares of the treasury stock for $16 cash per share. Note: Enter debits before credits. Journal entry worksheet Record the declaration of a cash dividend of $6 per share. Note: Enter debits before credits, Journal entry worksheet Record the payment of the cash dividend. Notet Enter debits before credits. Journal entry worksheet Record the entry to close the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare a statement of retained earnings for the current year ended December 31. Note: Amounts to be deducted should be indicated by a minus sign. Complete this question by entering your answers in the tabs below. Prepare the stockholders' equity section of the balance sheet os of December 31 of the current yoar