can some one please help me Kohler Corporation reports the following components
ID: 2528507 • Letter: C
Question
can some one please help me
Kohler Corporation reports the following components of stockholders' equity on December 31, 2016 Common stock-$10 par value, 18e, e0e shares authorized 48, 000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders equity S 408, 80e 68, 00e 27e,800 S 730, 800 In year 2017, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 4,88? shares of its own stock at $2e cash per share Jan 5 Directors declared a $2 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, 508 of its treasury shares at $24 cash per share Aug 22 Sold 2,50e of its treasury shares at $17 cash per share Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record Oct. 28 Paid the dividend declared on September5 ? 31 Closed the S388,??? credit balance (from net income) in the Income Summary account to Retained Earnings Requirement General In year 2017, the following transactions affected its stockholders? equity accounts. Prepare the necessary journal entries. If General Trial Balance Ledger Statement of Stockholders Impact on Equity ourna RE Equity no journal entry is required, select "No journal entry required" in the first input box View transaction listExplanation / Answer
Answer:
Date
General Journal
Debit
Credit
1-Jan
Treasury stock, Common
80,000
Cash (4000*20)
80,000
5-Jan
Retained earnings (2*36000)
72,000
Common dividend payable
72,000
28-Feb
Common dividend payable
72,000
Cash
72,000
6-Jul
Cash (1500*24)
36,000
Treasury stock, Common(1500*20)
30,000
Paid-in capital, Treasury stock(1500*4)
6,000
22-Aug
Cash (2500*17)
42,500
Paid-in capital, Treasury stock
6,000
Retained earnings
1,500
Treasury stock, Common (2500*20)
50,000
5-Sep
Retained earnings(40000*2)
80,000
Common dividend payable
80,000
28-Oct
Common dividend payable
80,000
Cash
80,000
31-Dec
Income summary
388,000
Retained earnings
388,000
Statement of Retained Earnings
For Year Ended December 31,
Retained earnings, Dec. 31, 2015
$270,000
Add: Net income
388,000
658000
Less: Cash dividends declared
-152,000
Less: Treasury stock reissuances
-1,500
Retained earnings, Dec. 31, 2016
504500
KOHLER CORPORATION
Stockholders' Equity Section of the Balance Sheet
31-Dec
Common stock - $10 par value
$400,000
Paid-in capital in excess of par value, common stock
60,000
Total contributed capital
460000
Retained earnings
504,500
Total stockholders' equity
964500
Date
General Journal
Debit
Credit
1-Jan
Treasury stock, Common
80,000
Cash (4000*20)
80,000
5-Jan
Retained earnings (2*36000)
72,000
Common dividend payable
72,000
28-Feb
Common dividend payable
72,000
Cash
72,000
6-Jul
Cash (1500*24)
36,000
Treasury stock, Common(1500*20)
30,000
Paid-in capital, Treasury stock(1500*4)
6,000
22-Aug
Cash (2500*17)
42,500
Paid-in capital, Treasury stock
6,000
Retained earnings
1,500
Treasury stock, Common (2500*20)
50,000
5-Sep
Retained earnings(40000*2)
80,000
Common dividend payable
80,000
28-Oct
Common dividend payable
80,000
Cash
80,000
31-Dec
Income summary
388,000
Retained earnings
388,000
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