The following selected transactions took place during the current year for XYZ Incorporated. April 22 Declared a $1.50 per share cash dividend on 25,000 shares of common stock outstanding. June 30 Paid the cash dividends declared on April 22. Dec 31 Closed the $66,000 credit balance in Income Summary that reflects net income to retained Earnings. (a) Prepare the journal entries for these transactions. (b) If Retained Earnings had a $85,000 credit balance on January 1, calculate its year- end balance as of December 31.