Reference no: EM131621132
Kohler Corporation reports the following components of stockholders' equity on December 31, 2015:
Common stock-$15 par value, 100,000 shares authorized, 60,000 shares issued and outstanding $900,000
Paid-in capital in excess of par value, common stock $60,000
Retained earnings $400,000
Total stockholders' equity $ 1,360,000
In year 2016, the following transactions affected its stockholders' equity accounts.
Jan. 1 Purchased 5,000 shares of its own stock at $15 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 $19 cash per share.
Aug. 22 Sold 3,125 of its treasury shares at $12 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.
Prepare journal entries to record each of these transactions for 2016.
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