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Kohler Corporation reports the following components of stockholders equity on December 31, 2016:

Common stock$15 par value, 100,000 shares authorized, 50,000 shares issued and outstanding	$	750,000
Paid-in capital in excess of par value, common stock		70,000
Retained earnings		430,000
Total stockholders equity	$	1,250,000

In year 2016, the following transactions affected its stockholders equity accounts.
Jan.	1		Purchased 5,500 shares of its own stock at $20 cash per share.
Jan.	5		Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record.
Feb.	28		Paid the dividend declared on January 5.
July	6		Sold 1,688 of its treasury shares at $24 cash per share.
Aug.	22		Sold 2,812 of its treasury shares at $17 cash per share.
Sept.	5		Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record.
Oct.	28		Paid the dividend declared on September 5.
Dec.	31		Closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings.

	Required:
	1.	Prepare journal entries to record each of these transactions for 2017.
No			Date	General Journal	Debit	Credit
1			Jan 01	Treasury stock, Common
1				Cash
2			Jan 05	Retained earnings
2				Common dividend payable
3			Feb 28	Common dividend payable
3				Cash
4			Jul 06	Cash
4				Treasury stock, Common
4				Paid-In capital, Treasury stock
5			Aug 22	Cash
5				Paid-In capital, Treasury stock
5				Retained earnings
5				Treasury stock, Common
6			Sep 05	Retained earnings
6				Common dividend payable
7			Oct 28	Common dividend payable
7				Cash
8			Dec 31	Income summary	388,000
8				Retained earnings		388,000

	2. Prepare a statement of retained earnings for the year ended December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.) KOHLER CORPORATION Statement of Retained Earnings For Year Ended December 31, 2017 Retained earnings, Dec. 31, 2017 Add: Net income 0 Less: Cash dividends declared Less: Treasury stock reissuances Retained earnings, Dec. 31, 2017 $0

3.	Prepare the stockholders' equity section of the companys balance sheet as of December 31, 2016.

	KOHLER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2017 Common stock - $15 par value Paid-in capital in excess of par value, common stock Total contributed capital 0 Retained earnings Total stockholders' equity $0

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