Question 7. Shares and retained earnings (9 marks) The following information and transactions took place for a company during 2019: (1) March 25: Declared a $2 per share cash dividend on 20,000 common shares outstanding. (2) April 20: Paid the cash dividends declared on March 25. (3) Dec. 31: The balance in Income Summary acct has a $52,000 credit on this date. Instructions: (a) Prepare journal entries for the above transactions, including all required closing entries as appropriate. (b) If Retained Earnings had an $11,000 credit balance on December 31, 2018, calculate the balance in the account at December 31, 2019. A statement of retained earnings is NOT required.