On January 1, 2019, Morris Business Supply's retained earnings account had the following balances Appropriated for warehouse Unappropriated retained earnings $ 120,000 1,000,000 $ 1,120,000 During the year ended December 31, 2019, Morris completed the following selected transactions April 15 Estimated that its 2019 income tax will be $82,000. Based on this estimate, it will make 4 quarterly payments on April 15, June 15, September 15, and December 15. Made the first quarterly estimated tax payment. 22 Declared semiannual dividend of $0.80 per share on common stock to shareholders of record on May 2, payable May 12. Currently, 70,000 shares of $5 par stock are outstanding. May 12 Paid the cash dividend. June 15 Made estimated tax payment. September 15 Made estimated tax payment. October 22 Declared semiannual dividend of $0.80 per share on common stock to shareholders of record on November 2, payable November 12. November 12 Paid the cash dividend. 18 Declared a 8% stock dividend to shareholders of record on December 4, distributable on December 12. Market value of the common stock was estimated at $8 per share. December 12 Issued certificates for common stock dividend. 15 Made estimated tax payment. 31 Morris actual 2019 income tax is $90,000. The additional amount will be paid by March 15, 2020. Made adjustment for the additional amount owed. 31 Net income for 2019 was $160,000. Closed the income summary account 31 Closed the cash dividends and stock dividends accounts. Directions: 1. Prepare journal entries for the above transactions and for the adjusting and closing process. 2. Post all entries affecting the appropriated and unappropriated retained earnings accounts to T accounts 3. Prepare a statement of retained earnings for the year ended December 31, 2019