Kohler Corporation reports the following components of stockholders equity at December $31,2019.$

Common stock$$10$ par value, $100,000$ shares authorized, $40,000$ shares issued and outstanding $ $400,000$

Paid$-$in capital in excess of par value, common stock $60,000$

Retained earnings $270,000$

Total stockholders' equity $ $730,000$

During $2020,$ the following transactions affected its stockholders equity accounts.

January $2$ Purchased $4,000$ shares of its own stock at $$20$ cash per share.

January $5$ Directors declared a $$2$ 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 $1,500$ of its treasury shares at $$24$ cash per share.

August $22$ Sold $2,500$ of its treasury shares at $$17$ cash per share.

September $5$ Directors declared a $$2$ 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 $32$ Closed the $$388,000$ credit balance $($from net income$)$ in the Income Summary account to Retained Earnings.

Required:

Prepare journal entries to record each of these transactions.

Prepare a statement of retained earnings for the year ended December $31,2020.$

Prepare the stockholders equity section of the companys balance sheet as of December $31,2020.$