Talaat Corporation had retained earnings at January 1, 2017, of $950,000. the Corporation had 500,000 shares of $ 2.5 par value common stock outstanding throughout 2017. Net income for 2017 was $520,000. The following transactions occurred during 2017: July 1 A cash dividends of $0.5 per share was declared to stockholders of record on July 20. Aug. 1 Paid the cash dividends. Nov. 1 A 7% stock dividends was declared. The market price at the declaration date was $9 per share. Dec. 15 Distributed the stock dividends shares. Required: Journalize the 2017 dividends transactions. Prepare a retained earnings statement for 2017