Kohler Corporation reports the following components ofstockholders’ equity on December 31, 2016:

Common stock—$10 par value, 100,000 shares authorized, 50,000 shares issued and outstanding	$	500,000
Paid-in capital in excess of par value, common stock		80,000
Retained earnings		370,000
Total stockholders' equity	$	950,000

In year 2017, the following transactions affected its stockholders’equity accounts.

Jan.		1		Purchased 5,000 shares of its own stock at $20 cash pershare.
Jan.		5		Directors declared a $4 per share cash dividend payable onFebruary 28 to the February 5 stockholders of record.
Feb.		28		Paid the dividend declared on January 5.
July		6		Sold 1,875 of its treasury shares at $24 cash per share.
Aug.		22		Sold 3,125 of its treasury shares at $17 cash per share.
Sept.		5		Directors declared a $4 per share cash dividend payable onOctober 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 theIncome Summary account to Retained Earnings.

Required:
1. Prepare journal entries to record each of thesetransactions for 2017.
2. Prepare a statement of retained earnings forthe year ended December 31, 2017.
3. Prepare the stockholders' equity section of thecompany’s balance sheet as of December 31, 2017.