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

Common stock—$10 par value, 100,000 sharesauthorized, 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

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

Jan.		1		Purchased4,000 shares of its own stock at $20 cash per share.
Jan.		5		Directorsdeclared a $2 per share cash dividend payable on February 28 to theFebruary 5 stockholders of record.
Feb.		28		Paid thedividend declared on January 5.
July		6		Sold1,500 of its treasury shares at $24 cash per share.
Aug.		22		Sold2,500 of its treasury shares at $17 cash per share.
Sept.		5		Directorsdeclared a $2 per share cash dividend payable on October 28 to theSeptember 25 stockholders of record.
Oct.		28		Paid thedividend declared on September 5.
Dec.		31		Closedthe $388,000 credit balance (from net income) in the Income Summaryaccount to Retained Earnings.

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