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Kohler Corporation reports the following components of stockholders$$ equity on January $1.$

Common stock$$$$10$ par value, $100,000$ shares authorized, $40,000$ shares issued and outstanding $ $400,000$

Paid$-$in capital in excess of par value, common stock $60,000$

Retained earnings $270,000$

Total stockholders' equity $ $730,000$

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

January $2$ Purchased $4,000$ shares of its own stock at $$20$ cash per share.

January $5$ Directors 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 $6$ Sold $2,000$ of its treasury shares at $$24$ cash per share.

August $22$ Sold $2,000$ of its treasury shares at $$16$ cash per share.

September $5$ Directors declared a $$2$ 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 $$388,000$ credit balance $($from net income$)$ in the Income Summary account to Retained Earnings. General Journal tab $-$ Journalize the transactions related to the notes and accounts payable of Kohler Corporation. The General Ledger, Trial Balance and Schedule of Payables will be updated based on your entries.

General Ledger tab $-$ One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab.

Trial Balance tab $-$ General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits.

Statement of Retained Earnings tab $-$ Prepare the Statement of Retained Earnings for the Kohler Corporation for the year ended December $31.$

Stockholders' Equity tab $-$ Prepare the Stockholders' equity section of Kohler Corporation's December $31$ balance sheet.

Impact on Equity tab $-$ For each transaction, indicate the total change in Stockholders' Equity, if any. Verify that total equity, as calculated, agrees with the amount reported on the Stockholders' Equity tab.

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