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Kohler Corporation reports the following components of stockholders equity at December 31, 2018 Common stock-$20 par value,
Common stock, $14 par value Paid-in capital in excess of par value, common stock Retained earnings $420,0ee 90,000 400,eee In
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Answer #1
1. Journal Entry
Date General Journal Debit Credit
2-Jan Treasury stock (5000X25) $125,000.00
Cash $125,000.00
Record Purchase of Treasury Share
5-Jan Retained earnings (40000-5000)*2 $70,000.00
Common dividend payable $70,000.00
Record decleration of Dividend
28-Feb Common dividend payable $70,000.00
Cash $70,000.00
Record payment of Dividend
6-Jul Cash (1875X29) $54,375.00
Treasury stock (1875*25) $46,875.00
Paid-in capital- treasury stock (BF) $7,500.00
Record Sale of Treasury Stock
22-Aug Cash (3125X 22) $68,750.00
Paid-in capital- treasury stock $7,500.00
Retained earnings (BF) $1,875.00
Treasury stock (3125*25) $78,125.00
Record Sale of Treasury stock
9-Sep Retained earnings (40000-5000+1875+3125)X2 $80,000.00
Common dividend payable $80,000.00
Record decleration of Dividend
22-Oct Common dividend payable $80,000.00
Cash $80,000.00
Record payment of Dividend
31-Dec Income summary $368,000.00
Retained earnings $368,000.00
Kohler CORPORATION
Statement of Retained Earnings
For Year Ended December 31, 2017
Retained earnings, December 31, 2016 $400,000.00
Add: Net income $368,000.00
$768,000.00
Less: Cash dividends declared (70000+80000) -$150,000.00
Less: Treasury stock reissuances -$1,875.00
Retained earnings, December 31, 2017 $616,125.00
Kohler CORPORATION
stockholders’ Equity Section of the Balance Sheet
31-Dec-17
Common stock - $20 par value $800,000.00
Paid-in capital in excess of par value, common stock $80,000.00
Retained earnings $616,125.00
Less cost of treasury stock (125000-46875-78125) $0.00
tal stockholders’ equity $616,125.00
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