The following selected transactions took place during the current year for a company: March 25 Declared a $2 per share cash dividend on 20,000 shares of common stock outstanding Paid the cash dividends declared on March 25. April 20 Closed the $52,000 credit balance in Income Summary that reflects net income Dec 31 to Retained Earnings. a) Prepare the journal entries for these transactions. b) If Retained Earnings had a $95,000 credit balance on January 1, calculate its year-end balance as of December 31.