On January 1, 2021, Donset Corporation had a balance of $255,800 in its Retained Earnings account. During the year, it declared $75,000 cash dividends of which $60,000 was paid. Its profit after tax in 2021 was $146,000, calculated as follows: Sales Cost of goods sold Selling expenses Income tax expense Profit Required: $397,000 $182,500 48,000 20,500 251,000 $146,000 1. Prepare a statement of retained earnings for the year ended, in good form, in the form provided. (3 marks) 2. Prepare the entries to close out the Income Summary and Cash Dividend accounts in the general journal provided. (2 marks)