9. A company reported stockholders' equity on January 1 of the current year as follows: Common Stock, $5 par value, 1,000,000 shares authorized, 600,000 shares issued; Paid-in Capital in Excess of Par Value, Common Stock, $1,025,000; Retained Earnings, $2,850,000. Prepare journal entries to record the following transactions: May 1 A cash dividend of S1.10 per common share was declared by the board of directors to stockholders of record on May 20, payable June 1. May 20 June 1 The date of record. Paid the cash dividend. 10. The following selected transactions took place during the current year for a company: March 25 Declared a $2 per share cash dividend on 20,000 shares of common stock outstanding April 20 Paid the cash dividends declared on March 25. Dec 31 Closed the $52,000 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 $75,000 credit balance on January 1, calculate its year-end balance as of December 31.