Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$20 par...

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$20 par value, 100,000 shares authorized, 55,000 shares issued and outstanding $ 1,100,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 400,000 Total stockholders' equity $ 1,570,000 In year 2017, 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 $4 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 1,500 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 $4 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 $368,000 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 2017.

2. Prepare a statement of retained earnings for the year ended December 31, 2017.

3. Prepare the stockholders' equity section of the company’s balance sheet as of December 31, 2017.

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ekkarill92 answered 8 months ago

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$20 par...

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$20 par value, 100,000 shares authorized, 45,000 shares issued and outstanding $ 900,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 460,000 Total stockholders' equity $ 1,430,000 In year 2017, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 4,000 shares of its own stock at $25 cash per share. Jan. 5 Directors declared a $4 per share cash dividend...

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$20 par...

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$20 par value, 100,000 shares authorized, 55,000 shares issued and outstanding $ 1,100,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 430,000 Total stockholders' equity $ 1,600,000 In year 2017, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 4,500 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $2 per share cash dividend...

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$20 par...

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$20 par value, 100,000 shares authorized, 40,000 shares issued and outstanding $ 800,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 460,000 Total stockholders' equity $ 1,330,000 In year 2017, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 5,500 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $2 per share cash dividend...

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$20 par...

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$20 par value, 100,000 shares authorized, 40,000 shares issued and outstanding $ 800,000 Paid-in capital in excess of par value, common stock 60,000 Retained earnings 370,000 Total stockholders' equity $ 1,230,000 In year 2017, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 4,500 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $4 per share cash dividend...

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$15 par...

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$15 par value, 100,000 shares authorized, 50,000 shares issued and outstanding $ 750,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 370,000 Total stockholders' equity $ 1,190,000 In year 2017, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 5,500 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $6 per share cash dividend...

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$15 par...

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$15 par value, 100,000 shares authorized, 45,000 shares issued and outstanding $ 675,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 430,000 Total stockholders' equity $ 1,175,000 In year 2017, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 5,000 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $4 per share cash dividend...

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par...

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par value, 100,000 shares authorized, 50,000 shares issued and outstanding $ 1,250,000 Paid-in capital in excess of par value, common stock 60,000 Retained earnings 430,000 Total stockholders' equity $ 1,740,000 In year 2017, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 5,000 shares of its own stock at $15 cash per share. Jan. 5 Directors declared a $6 per share cash dividend...

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$15 par...

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$15 par value, 100,000 shares authorized, 55,000 shares issued and outstanding $ 825,000 Paid-in capital in excess of par value, common stock 60,000 Retained earnings 460,000 Total stockholders' equity $ 1,345,000 In year 2017, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 6,000 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $4 per share cash dividend...

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$15 par...

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$15 par value, 100,000 shares authorized, 60,000 shares issued and outstanding $ 900,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 430,000 Total stockholders' equity $ 1,400,000 In year 2017, 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 $4 per share cash dividend...

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$10 par...

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$10 par value, 100,000 shares authorized, 55,000 shares issued and outstanding $550,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 460,000 Total stockholders' equity $1,080,000 In year 2017, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 4,000 shares of its own stock at $25 cash per share. Jan. 5 Directors declared a $2 per share cash dividend payable on...

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Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$20 par...

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