why is this incorrect?

Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. 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 Total stockholders' equity $ 675,000 70,000 430,000 $ 1,175,000 During the current year, the following transactions affected its stockholders' equity accounts. January 2 January 5 February 28 July 6 August 22 September 5 Purchased 4,000 shares of its own stock at $20 cash per share. Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. 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 $16 cash per share. Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Paid the dividend declared on September 5. closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. October 28 December 31 Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31. 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. No Date Credit Debit 80,000 1 General Journal Treasury stock, Common Cash January 02 80,000 January 05 82,000 N Retained earnings Common dividend payable 82,000 3 February 28 82,000 Common dividend payable Cash 82,000 4 July 06 36,000 Cash Treasury stock, Common Paid-In capital, Treasury stock 30,000 6,000 August 22 40,000 Cash Paid-In capital, Treasury stock Treasury stock, Common Retained earnings 6,000 4,000 50,000 6 September 05 90,000 Retained earnings Common dividend payable 90,000 7 October 28 90,000 Common dividend payable Cash 90,000 6 September 05 90,000 Retained earnings Common dividend payable 90,000 7 October 28 90,000 Common dividend payable Cash 90,000 8 8 December 31 388,000 Income summary Retained earnings 388,000