Sydney Incorporated has $75,000$ shares of $$2$ cumulative preferred shares outstanding

as well as $110,000$ common shares. There are no dividends in arrears on the preferred

shares. The following transactions were reported during May $2020$:

May $1$ Declared the required dividend on the preferred shares and a $$0\mathrm{.}23$ per

share dividend on the common shares.

$14$ The date of record for the dividend declared on May $1.$

$28$ Paid the dividend declared on May $1.$

$31$ Closed the Income Summary account. Net income for the year was

$$225,000.$

Required

Prepare journal entries to record the above transactions. No explanations are

required.

Assuming the balance of Retained Earnings on June $1,2019,$ was $$52,100,$ deter$-$

mine the balance of the account on May $31,2020.$