Reference no: EM132480550
Question - Kohler Corporation reports the following components of stockholders equity on December 31, 2013:
Common Stock- $10 par value, 100,000 shares authorized,
40,000 shares issued and outstanding $400,000
Paid-in capital in excess of par value, common stock 60,000
Retained Earnings 270,000
Total Stockholders' Equity $730,000
In 2014, the following transactions affected its stockholders' equity accounts.
Jan. 1: Purchased 4,000 shares of its own stock at $20 cash per share.
Jan. 5: Directors declared a $2 per share cash dividend payable on Feb. 28 to the stockholder of record.
Feb 28: Paid the dividend declared on January 5.
July 6: Sold 1,500 of its treasury shares at $24 cash per share.
Aug. 22: Sold 2,500 of its treasury shares at $17 cash per share.
Sept. 5: Directors declared a $2 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 for 2014.
2. Create statement of retained earnings for the year ended December 31, 2014.
3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2014.
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