The following selected transactions took place during the current year for a company:

February Declared a $$2\mathrm{.}50$ per share cash dividend on $20,000$

$25$ shares of common stock outstanding

March $20$ Paid the cash dividends declared on February $25.$

$($a$)$ Prepare the journal entries for these transactions.

$($b$)$ If Retained Earnings had a $$155,000$ credit balance on January $1,$ and net income was $$72,000$ for the current year, calculate its year$-$end balance as of December $31.$