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The following selected transactions took place during the current year for a company: June 25 Declared a $3 per share cash dividend on 35,000 shares of common stock outstanding. July 20 Paid the cash dividends declared on June 25 Dec 31 Closed the $80,000 credit balance in Income Summary that reflects net income to Retained Earnings. Prepare the journal entries for these transactions. If retained earnings had a $125,000 credit balance on January 1st, calculate its year-end balance as of December 315