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Kohler Corporation reports the following components of stockholders equity on December 31, 2015:

Common stock$15 par value, 100,000 shares authorized, 45,000 shares issued and outstanding	$	675,000
Paid-in capital in excess of par value, common stock		80,000
Retained earnings		430,000
Total stockholders equity	$	1,185,000

In year 2016, the following transactions affected its stockholders equity accounts.
Jan.	1		Purchased 4,500 shares of its own stock at $20 cash per share.
Jan.	5		Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 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 $2 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 2016.

	A	B	C	D
	Date	General Journal	Debit	Credit
1	Jan 01	Treasury stock, Common	90,000
2
3	Jan 05	Retained earnings
4
5	Feb 28	Common dividend payable
6
7	Jul 06	Cash
8
9	Aug 22	Cash
10
11	Sep 05	Retained earnings
12
13	Oct 28	Common dividend payable
14
15	Dec 31	Income summary	388,000

2.

Prepare a statement of retained earnings for the year ended December 31, 2016. (Amounts to be deducted should be indicated by a minus sign.) KOHLER CORPORATION Statement of Retained Earnings For Year Ended December 31, 2016 Retained earnings, Dec. 31, 2015 $430,000 Add: Net income 430,000 Less: Cash dividends declared Less: Treasury stock reissuances Retained earnings, Dec. 31, 2016 $430,000 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, 2016 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 PLEASE CALCULATE EACH SECTION

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