A company provides the following information related to its stockholders' equity. As of January 1: \begin{tabular}{|lr|} \hline Number of common shares issued & 600,000 \\ \hline Number of treasury shares & 34,000 \\ \hline Retained Earnings & $380,000 \\ \hline \end{tabular} During the current year: \begin{tabular}{|l|r|} \hline Additional common shares issued July 1 & 70,000 \\ \hline Net income & $130,000 \\ \hline Dividends per share paid to shareholders in December & $0.40 \\ \hline \end{tabular} Required: 1. Calculate the number of shares of common stock outstanding as of December 31 (year-end). 2. Calculate the total amount of dividends paid to shareholders. 3. Prepare any journal entries needed to record dividends on the following dates: (a) Declaration date: December 1 (b) Record date: December 20 (c) Payment date: December 25 4. Calculate the balance of Retained Earnings as of December 31 (year-end). Requirement 1: Calculate the Number of Outstanding Shares of Common Stock (Use cells A2 to B12 from the given information above to complete this question.) Beginning common shares issued Additional issuances during the year Treasury shares Ending common shares outstanding (Use cells A2 to B12 from the given information above to complete this question.) Total shares Dividends per share Total dividends Requirement 3 : Journal Entries for Dividends (Use cells A2 to B12 from the given information above to complete this question.) (a) Declaration date: December 1 \begin{tabular}{|cccc|} \hline \multicolumn{1}{c}{ Account } & Debit & & Credit \\ \hline Dividends & & & \\ \hline Dividends Payable & & \\ \hline \end{tabular} (b) Record date: December 20 No journal entry required (c) Payment date: December 25 \begin{tabular}{llll|} \hline Dividends Payable & Debit & Credit \\ \hline Cash & & & \\ \hline \end{tabular} Requirement 4: Calculate Retained Earnings as of December 31 (Use cells A2 to B12 from the given information above to complete this question.) January 1 balance Net income Dividends December 31 balance