Required information [The following information applies to the questions displayed below.] Kohler Corporation reports the following components of stockholders' equity on December 31, 2013: Common stock-$25 par value, 100,000 shares authorized, 55,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $1,375,00o 80,000 430,000 Total stockholders' equity $1,885,000 In year 2014, the following transactions affected its stockholders' equity accounts Jan. 1 Purchased 5,000 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 1,875 of its treasury shares at $24 cash per share Aug.22 Sold 3,125 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 $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 2014