Kohler Corporation reports the following components of stockholders equity on December 31, 2015: Common stock$15 par value, 100,000 shares authorized, 60,000 shares issued and outstanding $ 900,000 Paid-in capital in excess of par value, common stock 80,000 Retained earnings 430,000 Total stockholders equity $ 1,410,000 In year 2016, the following transactions affected its stockholders equity accounts. Jan. 1 Purchased 5,500 shares of its own stock at $15 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 January 5. July 6 Sold 2,063 of its treasury shares at $19 cash per share. Aug. 22 Sold 3,437 of its treasury shares at $12 cash per share. Sept. 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 $368,000 credit balance (from net income) in the Income Summary account to Retained Earnings. References Section BreakProblem 13-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 3.value: 20.00 pointsRequired information Problem 13-2A Part 1 Required: 1. Prepare journal entries to record each of these transactions for 2016. ReferenceseBook & Resources WorksheetDifficulty: 3 HardLearning Objective: 13-P2 Record transactions involving cash dividends, stock dividends, and stock splits. Problem 13-2A Part 1Learning Objective: 13-C3 Explain the items reported in retained earnings.Learning Objective: 13-P3 Record purchases and sales of treasury stock and the retirement of stock. 4.value: 20.00 pointsRequired information Problem 13-2A Part 2 2. Prepare a statement of retained earnings for the year ended December 31, 2016.