Reference no: EM132494231
Question - Kohler Corporation reports the following components of stockholders' equity at December 31, 2018.
Common stock-$25 par value, 100,000 shares authorized, 45,000 shares issued and outstanding $1,125,000 Paid-in capital in excess of par value, common stock 80,000 Retained earnings 430,000 Total stockholders' equity $1,635,000
During 2019, the following transactions affected its stockholders' equity accounts.
Jan. 2 Purchased 4,500 shares of its own stock at $15 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 1,688 of its treasury shares at $19 cash per share.
Aug. 22 Sold 2,812 of its treasury shares at $12 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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