The following information and transactions took place during 2022 for Ace Lid:: 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) Dee. 31: Closed the Income Summary to Retained Earnings for the year's net income of $237,000. Instructions: (a) Prepare the joumal entrics 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. (I mark)