5) Given the following information about a corporation's current year activities, compute the retained earnings for the current year ended December 31. Retained earnings, January 1 Cash dividends Stock dividends Net income 20 pts $ 342,000 $ 51,700 $ 40,000 $ 141,000 6) On June 30, a company declared a cash dividend of $0.35 per common share to the shareholders of record on July 15. The cash dividend will be paid on July 31. This company has 500,000 shares authorized and 100,000 shares outstanding. Prepare the journal entries required on June 30, July 15 and July 31. 10 pts 7) The following selected transactions took place during the current year for a company: February Declared a $2.50 per share cash dividend on 20,000 shares 25 of common stock outstanding March 20 Paid the cash dividends declared on February 25. (a) Prepare the journal entries for these transactions. (b) If Retained Earnings had a $155,000 credit balance on January 1, and net income was $72,000 for the current year, calculate its year-end balance as of December 31. 20 pts