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-$15 par value, 100,000 shares authorized, 45,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings 675,000 70,000 400,000 Total stockholders' equity $1,145,000 In year 2016, the following transactions affected its stockholders' equity accounts Jan. 1 Purchased 5,500 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 2,063 of its treasury shares at $24 cash per share. Aug.22 Sold 3,437 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 Paid the dividend declared on September 5. Dec. 31 Closed the $428,000 credit balance (from net income) in the Income Summary account to Retained Earnings