6) The following selected transactions took place during the current year for a company Declared a $2.50 per share cash dividend on 20,000 shares of common stock Feb. 25 Mar. 20 Dec. 31 outstanding Paid the cash dividends declared on Feb. 25 Closed the $72,000 credit balance in Income Summary that reflects net income to Retained Earnings (a) Prepare the journal entries for these transactions. (b) If Retained Earnings had a $155,000 credit balance on January 1, calculate its year-end balance as of December 31