Kohler Corporation reports the following components of stockholders equity on December 31, 2016: Common stock$20...
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Kohler Corporation reports the following components of stockholders equity on December 31, 2016: Common stock$20 par value, 100,000 shares authorized, 45,000 shares issued and outstanding $ 900,000 Paid-in capital in excess of par value, common stock 80,000 Retained earnings 370,000 Total stockholders' equity $ 1,350,000 In year 2017, the following transactions affected its stockholders equity accounts. Jan. 1 Purchased 5,000 shares of its own stock at $15 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 1,875 of its treasury shares at $19 cash per share. Aug. 22 Sold 3,125 of its treasury shares at $12 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.
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