E2.20 The Clothing Barn, Inc., a retailer, declared dividends of $2.00 per share on its 30,000 shares of outstanding common stock on December 20, 20X3, which was also the date of record, payable to shareholders on January 10, 20X4. The Clothing Barn, Inc. had a retained earnings balance of $500,000 on January 1, 20x3, and it had net income for the year ended December 31, 2003, of $120,000 a) What was the total amount of the declared dividend? b) Prepare a Statement of Retained Earnings for the year-ended December 31, 20x3. c) What is the December 31, 20X3, retained earnings balance? d) Will payment of the dividend on January 10, 20X4, affect retained earnings