Glenwood Corporation camed net income of $85.000 during the year ended December 31, 2020 on December 15. Gewood had declared the annual individend on its 500 pred 12.000 shares issued for 5120.000) and a 300 per share cash dividend on its common shares (45.000 shares for $90.000) Glenwood then paid the dividends on 4.2001 Joumase the following for Glenwood Corporation a. Declanng the cash dividends on December 15, 2020 b. Paying the cash dividends on January 4, 2021 Detained Caming increase or decrease during 20207 by how much a. Journature Glenwood Corporation's declaration for the cash dividends on December 15, 2000 (ecord debits first, then adits. Explanations are not required) Date Accounts Debat Credit Dec 15 2020 b. Journalize Glenwood Corporation's payment of the cash dividends on January 4, 2021 Date Accounts Debit Credit Jan 4, 2021 Jan 4, 2021 Did Retained Earnings increase or decrease during 2020? By how much? During 2020, retained earnings