Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$15 par v

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Kohler Corporation Reports The Following Components Of Stockholders Equity At December 31 2018 Common Stock 15 Par V 1 (208.71 KiB) Viewed 39 times

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 Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 600,000 80,000 460,000 $1,140,000 During 2019, the following transactions affected its stockholders' equity accounts. Jan. Jan. Feb. July Aug. Sept. 2 Purchased 5,000 shares of its own stock at $20 cash per share. 5 Directors declared a $6 per share cash dividend payable on February 28 to the February 5 stockholders of record. 28 Paid the dividend declared on January 5. 6 Sold 1,875 of its treasury shares at $24 cash per share. 22 Sold 3, 125 of its treasury shares at $17 cash per share. 5 Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of record. 28 Paid the dividend declared on September 5. 31 Closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Oct. Dec. Required: 1. Prepare journal entries to record each of these transactions. 2. pare 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.