The following selected transactions took place during the current year for a company. March 25 declared a $2 per share cash divdend on 20,000 shares of common stock. April 20 Paid the cash dividends declared on March 25. Dec 31 Closed the $52,000 credit balance in Income Summary that reflects net income to Retained Earnings. 1.Prepare the journal entries for these transactions. 2. If Retained Earnings had $75,000 credit balance on January 1st, calculate its year-end balance as of December 31.