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Koner Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock- $25 pan value, 100,000 shares authorized, 45,090 shares issued and outstonding Paid-in capital in excess of par value, comeon stock Retained earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 6,009 shares of its own stock at $20 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5 . July 6 Sold 3,000 of its treasury shares at $24 cash per share. August 22 . Sold 3,000 of its treasury shares at $16 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the 5 eptenber 25 stockholders of record. October 28 Paid the dividend declared on 5 eptember 5 . December 31 Closed the $388,000 credit balance (from net incone) in the Incone Sunmary occount to Retained Earnings. 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 balance sheet as of December 31 of the current year. Prepare a statement of retained earnings for the current year ended December 31. (Amou indicated by a minus sign.) Prepare the stockholders' equity section of the balance sheet as of December 31 of the curre

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