Homework answers / question archive / Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year Common stock-$15 par value, 100,000 shares authorized, 50, eee shares issued and outstanding $750,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 378, eee Total stockholders' equity $ 1,190,000 During the current year, the following transactions affected its stockholders' equity accounts, January 2 Purchased 5,000 shares of its own stock at $2e cash per share

Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year Common stock-$15 par value, 100,000 shares authorized, 50, eee shares issued and outstanding $750,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 378, eee Total stockholders' equity $ 1,190,000 During the current year, the following transactions affected its stockholders' equity accounts, January 2 Purchased 5,000 shares of its own stock at $2e cash per share

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Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year Common stock-$15 par value, 100,000 shares authorized, 50, eee shares issued and outstanding $750,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 378, eee Total stockholders' equity $ 1,190,000 During the current year, the following transactions affected its stockholders' equity accounts, January 2 Purchased 5,000 shares of its own stock at $2e cash per share. January 5 Directors declared a 54 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 1,875 of its treasury shares at $24 cash per share. August 22 Sold 3,125 of its treasury shares at $16 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 (fron net income) in the Income Sunary 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions, Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Record the purchase of 5,000 shares of its own common stock for $20 cash per share. Note: Enter debits before credits. Debit Credit Date General Journal January 02 Treasury stock, Common Cash 100,000 100,000 Record entry Clear entry View general jou Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the declaration of a cash dividend of $4 per share. Note: Enter debits before credits. Date General Journal January 05 Retained earnings Common dividend payable Credit Debit 180,000 180,000 Prepare journal entries to record each of these transactions. View transaction list Journal entry worksheet < 1 2 3 5 6 7 8 s Record the payment of the cash dividend. Note: Enter debits before credits. Date General Journal February 28 Common dividend payable Cash Debit Credit 180,000 180,000 Prepare journal entries to record each of these transactions. View transaction list Journal entry worksheet < 1 2 3 4 ch 5 6 7 8 00 Record the reissue of 1,875 shares of the treasury stock for $24 cash per share. Note: Enter debits before credits. Date July 06 Credit General Journal Cash Treasury stock, Common Paid-in capital, Treasury stock Debit 45,000 37,500 7,500 Prepare journal entries to record each of these transactions. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 es Record the reissue of 3,125 shares of the treasury stock for $16 cash per share. Note: Enter debits before credits. Date General Journal August 22 Cash Paid-In capital, Treasury stock Credit Debit 50,000 Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 tes Record the declaration of a cash dividend of $4 per share. Note: Enter debits before credits. Date General Journal September Retained earnings 05 Common dividend payable Debit Credit Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions. View transaction list Journal entry worksheet < 1 2 3 4 LO 5 CO 6 7 CO 8 PS Record the payment of the cash dividend. Note: Enter debits before credits. Date General Journal October 28 Common dividend payable Cash Debit Credit Prepare journal entries to record each of these transactions. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the entry to close the $428,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Note: Enter debits before credits. General Journal Date December 31 Debit Credit Income summary Retained earnings 428,000 428,000 Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 Prepare a statement of retained earnings for the current year ended Decem indicated by a minus sign.) KOHLER CORPORATION Statement of Retained Earnings For Current Year Ended December 31 Retained earnings, December 31, prior year Add: Net income Less: Cash dividends declared Retained earnings, December 31, current year $ 0 2. Prepare a statement of retained earnings for the current year ended Decem 3. Prepare the stockholders' equity section of the balance sheet as of Decemb Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the stockholders' equity section of the balance sheet as of December 31 of ces KOHLER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Common stock - $15 par value $ Paid-in capital in excess of par value, common stock Total contributed capital Retained earnings Total stockholders' equity $ 750,000 70,000 820,000 820,000