I need help closing out the retained earnings account. Here is all the information involved with the dividends and retained earnings:

Beg. Bal. Retained Earnings Jan. 1: 200,300

Including the stock issued in Journal entry #1, there are 40,000 common shares outstanding for the entire first quarter of 20X2. Assume that there are no preferred shares of stock.

Journal Entry 1: January 1: The company issues 15,000 shares of common stock (no par value) for $220,000 to pay off the $220,000 bonds payable that was issued at face value.

Journal Entry 10: February 23: The company declares cash dividends of $34,000 for common shareholders. Assume that the dividend payment will occur on April 23.