$***$Show all steps please, as the question states, I need retained earnings at the end of $2022$ and max dividend the company could have declared in $2022,$ thanks$***$

The Retained earnings account for Nesbit, Inc. had a credit balance of $$800,000$ at

the end of $2021.$ Selected transactions during $2022$ follow:

a$.$ Net income was $$130,000.$

b$.$ Cash dividends declared were $$60,000.$

c$.$ Repurchased $100$ shares of Nesbit, Inc. common stock, paying $$20$ per

share. Each share has a $$5$ par value and was originally issued for $$35.$

d$.$ Sold $20$ shares of Nesbit, Inc. common stock for $$22$ each.

Required:

Calculate Nesbit, Inc.$\text{'}$s retained earnings balance as of the end of $2022.$ What is

the maximum dividend Nesbit could have declared in $2022?$ Assume there are no

legal or contractual restrictions that apply.