[The following information applies to the questions displayed below.] Kohler Corporation reports the following components of stockholders equity on December 31, 2015: Common stock$10 par value, 100,000 shares authorized, 45,000 shares issued and outstanding $ 450,000 Paid-in capital in excess of par value, common stock 60,000 Retained earnings 400,000 Total stockholders equity $ 910,000 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 $6 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 $6 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 $408,000 credit balance (from net income) in the Income Summary account to Retained Earnings. 1). Prepare journal entries to record each of these transactions for 2016 1a)Record the purchase of 5,500 shares of its own common stock for $20 cash per share. 1b)Record the declaration of a cash dividend of $6 per share. 1c)Record the payment of the cash dividend. 1d)Record the reissue of 2,063 shares of the treasury stock for $24 cash per share. 1e)Record the reissue of 3,437 shares of the treasury stock for $17 cash per share. 1f) Record the declaration of a cash dividend of $6 per share. 1g) Record the payment of the cash dividend. 1h) Record the entry to close the income summary account having a credit balance of $408,000. 2. Prepare a statement of retained earnings for the year ended December 31, 2016. 3. Prepare the stockholders' equity section of the companys balance sheet as of December 31, 2016.