Business, 15.10.2019 17:20 nbug2121

Kohler corporation reports the following components of stockholders’ equity at december 31, 2018. common stock—$10 par value, 100,000 shares authorized, 50,000 shares issued and outstanding $ 500,000 paid-in capital in excess of par value, common stock 80,000 retained earnings 430,000 total stockholders' equity $ 1,010,000 during 2019, the following transactions affected its stockholders’ equity accounts. jan. 2 purchased 5,000 shares of its own stock at $20 cash per share. jan. 5 directors declared a $6 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 1,875 of its treasury shares at $24 cash per share. aug. 22 sold 3,125 of its treasury shares at $17 cash per share. sept. 5 directors declared a $6 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 $428,000 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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