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 $1,000,000 60,000 460,00O Total stockholders' equity $1,520,000 In year 2016, the following transactions affected its stockholders' equity accounts Jan. 1 Purchased 6,000 shares of its own stock at $20 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 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 share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Pald the dividend declared on September 5. Dec. 31 Closed the $388,000 credit balance (from net income) in the Income Summary account to Earnings