The following information and transactions took place during 2022 for Ace Ltd.: Information and Transactions: (1) March 25: Declared a $2.00 per share cash dividend on 80,000 shares of common shares outstanding. (2) April 20: Paid the cash dividends declared on March 25. (3) Dec. 31: Closed the Income Summary to Retained Earnings for the year's net income of $237,000. Instructions: (a) Prepare the journal entries for the above items. ( 6 marks) (b) If Retained Earnings had a $81,000 credit balance on December 31, 2021, calculate the balance as of December 31, 2022. (1 mark)