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Kohler Corporation reports the following components of stockholders equity at December 31, 2018. Common stock-$10 par value,Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions. View transaction list View jouPrepare a statement of retained earnings for the year ended December 31, 2019. (Amounts to be deducted should be indicated byIIIIIIIIIIIIIIIIIIII Required 1 Required 2 Required 3 -------- Prepare the stockholders equity section of the companys bala

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Answer #1
Date General journal Debit Credit
1-Jan Treasury stock, common   75,000
cash (5000*15) 75,000
5-Jan Retained earnings 180000
Common Dividends payable 180,000
(50000-5000)*4
28-Feb Common Dividends payable 180,000
Cash 180,000
6-Jul Cash(1875*19) 35625
Treasury stock [1875*15] 28125
paid in capital - TS 7500
22-Aug Cash (3125*12) 37500
paid in capital -TS 7500
Retained earnings 1,875
Treasury stock [3125*15] 46875
5-Sep Retained earnings 200000
Dividends payable (50000*4) 200,000
28-Oct Dividends payable 200,000
200,000
31-Dec Income summary 388,000
Retained earnings 388,000
Statement of retained earnings
opening balance ,jan 1 400,000
add :Net income 388,000
788,000
less:Cash Dividend -380000
        Treasury stock -1,875
Closing balance,Dec 31 406,125
Stockholders Equity section of the Balance Sheet
common stock 500,000
paid in capital in excess of par 80,000
total contributed capital 580,000
Retained earnings 406125
total Stockholders Equity 986,125
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