Kohler Corporation reports the following components of stockholders equity at December 31, 2019. Common stock$25 par value, 100,000 shares authorized, 50,000 shares issued and outstanding $ 1,250,000 Paid-in capital in excess of par value, common stock 80,000 Retained earnings 400,000 Total stockholders' equity $ 1,730,000 During 2020, the following transactions affected its stockholders equity accounts. January 2 Purchased 5,500 shares of its own stock at $20 cash per share. January 5 Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 2,063 of its treasury shares at $24 cash per share. August 22 Sold 3,437 of its treasury shares at $17 cash per share. September 5 Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required: Prepare journal entries to record each of these transactions. Prepare a statement of retained earnings for the year ended December 31, 2020. Prepare the stockholders equity section of the companys balance sheet as of December 31, 2020