Hi, please complete the journal entries and the Stockholders' Equity Section of the Balance Sheet (I attached a picture of it at the bottom). For the journal entries it says I haven't entered everything that needs to be entered and I am struggling with August 22 in particular. Please also explain that date's journal entry. Thank you!

Kohler Corporation reports the following components of stockholders equity at December 31 of the prior year:

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 70,000 Retained earnings 460,000

Total stockholders' equity $ 1,530,000

During the current year, the following transactions affected its stockholders equity accounts:

January 2- Purchased 5,000 shares of its own stock at $20 cash per share.

January 5- Directors declared a $4 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 2,500 of its treasury shares at $24 cash per share.

August 22- Sold 2,500 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 $408,000 credit balance (from net income) in the Income Summary account to Retained Earnings.

Required: Prepare journal entries to record each of these transactions and complete the stockholders' equity section of the balance sheet. Everything in the Stockholders' equity section is correct except for the retained earnings amount.

Prepare the stockholders' equity section of the balance sheet as of December 31 of the current y