Kohler Corporation reports the following components of stockholders' equity on December 31, 2015 Common stock-$25 par value, 100,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $1.500,000 60,000 400.000 Total stockholders' equity $1.960,000 In year 2016, the following transactions affected its stockholders equity accounts. Jan. Jan. 1 5 Purchased 6.000 shares of its own stock at $25 cash per share. 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 2.250 of its treasury shares at $29 cash per share. Aug. 22 Sold 3,.750 of its treasury shares at $22 cash per share. Sept. 5 Directors declared a $4 per share cash dividlend 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