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Che 2 Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year Connon stock-$10 par value, 100,000 shares authorixed, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 400,000 60.000 430,000 $ 890,000 During the current year, the following transactions affected its stockholders' equity accounts January 2 Purchased 4,000 shares of its own stock at $15 cash per share January 5 Directors declared a 54 per share canh dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 2,000 of its treasury shares at $19 canh per share. August 22 Sold 2,000 of its treasury shares at $11 canh per share. September Directors declared a 54 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. Deceber 31 Cloned the $385,000 credit balance (from net income) in the income Summary account to retained Harning Required: 1. Prepare journal entries to record each of these transactions 2. Prepare a statement of retained earnings for the current year ended December 31, 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year, Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3