Problem 11-2A Cash dividends, treasury stock, and statement of retained earnings Kohler Corporation reports the following components of stockholders' equity on December 31, 2015 Common stock- $10 par value, 100,000 shares authorized, 40,000 shares issued and outstanding . . . . .. ..$400.000 60,000 270.000 $730,000 Paid-in capital in excess of par value, common stock . . Total stockholders' equity . In year 2016, the following transactions affected its stockholders' equity accounts. Jan. 2 Issued 10,000 shares of Common Stock for $20 per share. Jan. 2 Purchased 4,000 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 Feb. Feb. July Aug. Sept. 1. 28 6 2 5 stockholders of record. Date of record of Jan 5 Cash dividend declaration. Paid the dividend declared on January 5. Sold 1,500 of its treasury shares at $24 cash per share. Sold 2,500 of its treasury shares at $17 cash per share. 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 Nov. Issued a 10 percent stock dividend to stockholders of record of November 10 to be distributed on November 30. The stock was selling for $25 per share at the time of the declaration. 2 Nov. 30 Distributed the stock dividend declared on November 2 Dec. 3 Closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required: 1 Prepare journal entries to record each of these transactions for 2016