Kohler Corporation reports the following components of stockholders' equity at December of the prior year.
During the current year, the following transactions affected its stockholders' equity accounts.
January Purchased shares of its own stock at $ cash per share.
January Directors declared a $ per share cash dividend payable on February to the February stockholders of record.
February Paid the dividend declared on January
July Sold of its treasury shares at $ cash per share.
August Sold of its treasury shares at $ cash per share.
September Directors declared a $ per share cash dividend payable on October to the September stockholders of record.
October Paid the dividend declared on September
December Closed the $ credit balance from net income in the Income Summary account to Retained Earnings.
Required:
Prepare journal entries to record each of these transactions.
Prepare a statement of retained earnings for the current year ended December
Prepare the stockholders' equity section of the balance sheet as of December of the current year.
