Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Comon stock $20 par value, 100,600 shares authorized, 50,600 shares issued and outstanding, Poid in capital in excess of par value, common stock Retained earnings total stockholders" equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,00e 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 1,875 of its treasury shares at $24 cash per share. August 22 50ld 3,125 of its treasury shares at $16 cash per share. Septeaber 5 Directors declared a $2 per share cash dividend payable on october 28 to the September 25.stockhoiders of record October 28 Paid the dividend declared on September 5. December 31 closed the $388,000 credit balance (fron net income) in the Income summary account to Retained farnings. Required: 1. Prepare journal entries to record each of these transactions