Kohler Corporation reports the following components of stockholders’ equity at December 31, 2018.
Common stock—$15 par value, 100,000 shares authorized, 40,000 shares issued and outstanding | $ | 600,000 | |
Paid-in capital in excess of par value, common stock | 70,000 | ||
Retained earnings | 400,000 | ||
Total stockholders' equity | $ | 1,070,000 | |
During 2019, the following transactions affected its stockholders’ equity accounts.
Jan. | 2 | Purchased 6,000 shares of its own stock at $20 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 2,250 of its treasury shares at $24 cash per share. | ||
Aug. | 22 | Sold 3,750 of its treasury shares at $17 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. |
Required:
1. Prepare journal entries to record each of these transactions.
2. Prepare a statement of retained earnings for the year ended December 31, 2019.
3. Prepare the stockholders’ equity section of the company’s balance sheet as of December 31, 2019.
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