ridge Company has the following owner equity information as of January 1, 2012: Preferred Shares: 1,000,000 $3 non-cumulative preferred shares authorized, 100 shares issued and outstanding 10,000 Common Shares: Unlimited number authorized, 2,000 shares issued and outstanding $8,000 Retained Earnings: $30,000 During 2012, the company had the following transactions take place: 1) January 1, the company issued 20,000 shares for total cash of $160,000 2) February 1, the company issued 5000 shares in payment of a new delivery truck worth $30,000 3) February 2, the company declared a 2 for 1 stock split, the shares are trading at 7.00 on the Kipp Stock Exchange on this day 4) March 1 the company declared the preferred share dividend, to be payable March 14 to shareholders of record on March 5 5) March 14, paid the divided declared on March 1 6) June 10, the company repurchased and retired 2,000 common shares at $8 per share 7) December 15, being short of cash, the company declared a 20% stock dividend to be distributed to its shareholders on Dec 24. The shares are trading on the Kipp Stock Exchange for 2.00 on Dec 15. 8) Dec 17, the company issued 900 preferred shares for total cash of $90,000 9) Dec 24, distributed the stock dividend along with a bonus lump of coal for each shareholder (the coal was found in the coulee and has no stated value) 10) Dec 31, closed the dividends declared account 11) Dec 31, the company announced a net income of $81,000 in 2013 12) Jan 5, the company declared the required preferred stock dividend and also a common stock cash dividend of $1.25 per share, to be paid on Jan 30. 13) Jan 30, paid the cash dividends declared on Jan 5. 14) April 1, the company repurchased and retired 50,000 common shares at a cost of $1.00 each Instructions: 1) Record the journal entries for each of the above transactions 2) What is the balance of the Retained Earnings account on December 31, 2012?2013 12) Jan 5, the company declared the required preferred stock dividend and also a common stock cash dividend of $1.25 per share, to be paid on Jan 30. 13) Jan 30, paid the cash dividends declared on Jan 5.