Kohler Corporation reports the following components of stockholders' equity on December 31, 2015 Common stock-$10 par value, 100,000 shares authorized, 40,000 shares 400,000 60,000 270,000 730,000 issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity In year 2016, the following transactions affected its stockholders' equity accounts Jan. 1 Purchased 4,000 shares of its own stock at $20 cash per share Jan. 5 Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record Feb. 28 Paid the dividend declared on January5 Jul. 6 Sold 1,500 of its treasury shares at $24 cash per share Aug. 22 Sold 2,500 of its treasury shares at $17 cash per share Sep. 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 $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings 3 9