Reference no: EM133052574
Problem - Cash dividends, treasury stock, and statement of retained earnings - Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year.
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 the current year, the following transactions affected its stockholders' equity accounts.
January 2 Purchased 5,000 shares of its own stock at $15 cash per share.
January 5 Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record.
February 28 Paid the dividend declared on January 5.
July 6 Sold 2,500 of its treasury shares at $19 cash per share.
August 22 Sold 2,500 of its treasury shares at $11 cash per share.
September 5 Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record.
October 28 Paid the dividend declared on September 5.
December 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 current year ended December 31.
3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year.
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