Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior...
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Accounting
Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. During the current year, the following transactions affected its stockholder's' equity accounts. January 2 Purehaned 5,000 shares of its enrn stoek at $20 eash per share. January 5 Directors declared a $4 per ghare cash dividend payable on February 28 to the 7 ebruary 5 stockholdera of Pebruary 28 : Paid the dividend declared on January 5. July 6 Sold 2,500 of its treasury ahares at $24 cash per ahoro. Auguat 22 . Sold 2,500 of ite ereasury theres at $16 cash per share. record. October 28 Pald the dividend declared on Septenber 5 . December 31 closed thn $368,000 eredit balanco (from net income) in the Income Sumary account to Retained Earninga. 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 batance 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
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