Melbourne Incorporated has 81,000 shares of $2 cumulative preferred shares outstanding as well as 119,000 common shares. There are no dividends in arrears on the preferred shares. The following transactions were reported during May 2020. May 1 Declared the required dividend on the preferred shares and a $0.24 per share dividend on the common shares 14 The date of record for the dividend declared on May 1. 28 Paid the dividend declared on May 1 31 Closed the income summary account. Net income for the year was $230,000 En: 10 pts Accounts Payable Accounts Receivable Cash Dividends PayableCommon Dividends Payable-Preferred Equipment Furniture Income Summary Inventory No entry necessary. Organization Costs Preferred Shares Prepaid Rent e Retained Earnings Salary Payable Supplies Unearned Service Revenue Requirement 2. Assuming the balance of Retained Earnings on June 1, 2019, was $52,200. determine the balance of the account on May 31, 2020 The balance of retained earnings on May 31, 2020 is $. Choose from any list or enter any number in the input fields and then continue to the next