Kohler Corporation reports the following components of stockholders equity on December 31, 2015: Common stock$20 par value, 100,000 shares authorized, 45,000 shares issued and outstanding $ 900,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 430,000 Total stockholders equity $ 1,400,000

In year 2016, the following transactions affected its stockholders equity accounts. Jan. 1 Purchased 4,000 shares of its own stock at $15 cash per share. Jan. 5 Directors declared a $6 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1,500 of its treasury shares at $19 cash per share. Aug. 22 Sold 2,500 of its treasury shares at $12 cash per share. Sept. 5 Directors declared a $6 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 $408,000 credit balance (from net income) in the Income Summary account to Retained Earnings.

Prepare journal entries to record each of these transactions for 2016.

1. Record the purchase of 4,000 shares of its own common stock for $15 per share.

2. Record the declaration of a cash dividend of $6 per share.

3. Record the payment of the cash dividend.

4. Record the resissue of 1,500 shares of the treasury stock for $19 per cash share.

5. Record the reissue of 2,500 shares of the treasury stock for $12 cash per share.

6. Record the declaration of a cash dividen of $6 per share.

7. Record the payment of the cash dividend.

8. Record the entry to close the income summary account having a credit balance of $408,000.