Reference no: EM132700433
Kohler Corporation reports the following components of stockholders' equity at December 31, 2019.
Common stock-$20 par value, 100,000 shares authorized,
50,000 shares issued and outstanding$ 1,000,000
Paid-in capital in excess of par value, common stock 60,000
Retained earnings 400,000
Total stockholders' equity $1,460,000
During 2020, the following transactions affected its stockholders' equity accounts.
- Jan. 2 Purchased 5,500 shares of its own stock at $20 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 2,063 of its treasury shares at $24 cash per share.
- Aug. 22 Sold 3,437 of its treasury shares at $17 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:
Question 1. Prepare journal entries to record each of these transactions.
Question 2. Prepar a statement of retained earnings for the year ended December 31, 2020.
Question 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2020.
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