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Kohler Corporation reports the following components of stockholders$$ equity at December $31$ of the prior year.

Common stock$$$$10$ par value, $100,000$ shares authorized, $55,000$ shares issued and outstanding

$ $550,000$

Paid$-$in capital in excess of par value, common stock

$70,000$

Retained earnings

$370,000$

Total stockholders' equity

$ $990,000$

During the current year, the following transactions affected its stockholders$$ equity accounts.

January $2$

Purchased $4,000$ shares of its own stock at $$15$ cash per share.

January $5$

Directors declared a $$6$ 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 $6$

Sold $2,000$ of its treasury shares at $$19$ cash per share.

August $22$

Sold $2,000$ of its treasury shares at $$11$ cash per share.

September $5$

Directors declared a $$6$ per share cash dividend payable on October $28$ to the September $25$ stockholders of record.

October $28$

Paid the dividend declared on September $5.$

December $31$

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 current year ended December $31.$

$3.$ Prepare the stockholders$$ equity section of the balance sheet as of December $31$ of the current year.

Record the purchase of $4,000$ shares of its own common stock for $$15$ cash per share.

Record the declaration of a cash dividend of $$6$ per share.

Record the payment of the cash dividend.

Record the reissue of $2,000$ shares of the treasury stock for $$19$ cash per share.

Record the reissue of $2,000$ shares of the treasury stock for $$11$ cash per share.

Record the declaration of a cash dividend of $$6$ per share.

Record the payment of the cash dividend.

Record the entry to close the $$408,000$ credit balance $($from net income$)$ in the Income Summary account to Retained Earnings.

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