50.1K

Verified Solution

Link Copied!

Thank you so much :)

Kohler Corporation reponts the following components of stockholders' equity at December 31 of the prior year. Common stock-\$15 par value, 100,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders equity $900,00060,000430,00051,390,000 During the current year, the following transactions affected its stockholders' equity accounts January 2 Purchased 5,000 shares of 1 ts own stock at 525 Cash per share. January 5 Directors declared o $2 per share cash dividend payable on february 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on jonuary 5 . July 6 sold 2,500 of its treasury shares at $29 cash per share. August 22 sold 2 , 500 of 1 ts treasury shares at $21 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the Septenber 25 stockholders of record. October 28 Paid the dividend declared on september 5 . Decenber 31 closed the $368,000 credit balance (from net income) In the Incoese Sumary 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 stockhoiders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Prepare journal entries to record each of these transactions. Journal entry worksheet \begin{tabular}{l|llllll} 2 & 4 & 5 & 6 & 7 & 8 \end{tabular} Record the purchase of 5,000 shares of its own common stock for $25 cash per share. Kohler Corporation reports the following components of stockholders equity at December 31 of the prior year. Comon stock-\$15 par value, 100,000 shares authorized, 60 , 000 shores issued and outstanding Paid-in capltal in excess of par value, comon stock. Retained earnings Total stockholders' equity 5900,00060,000430,00051,390,900 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,600 shares of 1t s own stack at $25 cash per share, January 5 Directors declared a $2 per share casb dividend payable on February 28 to the february 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 2,590 of its treasury shares at $29 cash per share. August 22 50ld 2,500 of 1 ts treasurg shares at $21 cash per share. Septenber 5 Directors declared a \$2 per share cash dividend payable on october 20 to the 5 eptenber 25 stockholders of recond. October 28 poid the dividend declared on Septenber 5. December 31 Closed the $368, 000 credit bolance (froe net Income) in the Incone summary account to Retained Earnings. Required: 1. Prepare joumal 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. Complete this question by entering your onswers 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. Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Comon stock-\$15 par value, 100,600 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, comon stock Retained earnings Total stockholders' equity $900,00960,009430,000$1,390,000 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,600 shares of its own stock at $25 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 poid the dividend declared on January 5. July 6 Sold 2,500 of its treasury shares at $29 cash per share. August 22 Sold 2,500 of its treasury shares at $21 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the Septenber 25 stockholders of recond. October 28 pald the dividend declared on september 5. Decenber 31 Closed the $368,000 credit balance (from net Incone) in the Incone suanary account to Retained Earnings. Required: 1. Prepare journat 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. Complete this question by entering your answers in the tabs below. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year

Answer & Explanation Solved by verified expert

See Answer