In 2020 Le Corporation had revenues of $500,000, cost of goods sold of $300,000, and dividends payment of $50,000. On 1/1/2020 its Retained Earnings balance was $200,000. The accounting period: 1/1/2020-12/31/2020. The firm is using Income Summary account for closing. Required: a) Record the year-end closing journal entry? b) Compute the ending balance of Retained Earnings (12/31/2020)? Show your detail of calculation