prepare journal entries

Problem 11-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 [The following information applies to the questions displayed below. Kohler Corporation reports the following components of stockholders' equity on December 31, 2015: Common stock-$20 par value, 100,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $1,000,000o 60,000 460,000 Total stockholders' equity $1,520,000 In year 2016, the following transactions affected its stockholders' equity accounts Jan. Jan. 1 5 Purchased 6,000 shares of its own stock at $20 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 $24 cash per share Aug. 22 Sold 3,750 of its treasury shares at $17 cash per share Sept. 5 Directors declared a $4 per shar e 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