Kohler Corporation reports the following components of stockholdersâ equity on December 31, 2016:

Common stockâ$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 70,000
Retained earnings 460,000
Total stockholders' equity $ 1,355,000

In year 2017, the following transactions affected its stockholdersâ equity accounts.

Jan. 1 Purchased 6,000 shares of its own stock at $20 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 2,250 of its treasury shares at $24 cash per share.
Aug. 22 Sold 3,750 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 September 5.
Dec. 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 for 2017.
2. Prepare a statement of retained earnings for the year ended December 31, 2017.
3. Prepare the stockholders' equity section of the companyâs balance sheet as of December 31, 2017.