Kohler Corporation reports the following components of stockholders equity on December 31, 2015: Common stock$15 par value, 100,000 shares authorized, 45,000 shares issued and outstanding $ 675,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 430,000 Total stockholders equity $ 1,175,000 In year 2016, the following transactions affected its stockholders equity accounts. Jan. 1 Purchased 4,000 shares of its own stock at $25 cash per share. Jan. 5 Directors declared a $4 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 $29 cash per share. Aug. 22 Sold 2,500 of its treasury shares at $22 cash per share. Sept. 5 Directors declared a $4 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. 2.value: 1.25 pointsRequired information Required: 1. Prepare journal entries to record each of these transactions for 2016. 2. Prepare a statement of retained earnings for the year ended December 31, 2016. (Amounts to be deducted should be indicated by a minus sign.) 3. Prepare the stockholders' equity section of the companys balance sheet as of December 31, 2016.