Retained Earnings: Transactions and 5 tatement The stockholders' equity of Cyclone Corporation at january 1 follows: The following transactions, among others, occurred during the year; June til. Dedared a so percent stock dividend on alf outstanding shares of comman stock. The market value of the stock was 3 is per stare. July 1 bsued the stock dividend declared on june 18. Required a. Prepare journal entries to record the foregoing transoctions: a. Preoare iournal entries to record the foregoing transactions. b. Prepare a statement of retained earnings. The net income for the year is $395,000. Do not use negative signs with your answers