The Retained earnings account for Nesbit, Inc. had a credit balance of $800,000 at the end of 2021. Selected transactions during 2022 follow: a. Net income was $130,000. b. Cash dividends declared were $60,000. c. Repurchased 100 shares of Nesbit, Inc. common stock, paying $20 per share. Each share has a $5 par value and was originally issued for $35. d. Sold 20 shares of Nesbit, Inc. common stock for $22 each. Required: Calculate Nesbit, Inc.'s retained earnings balance as of the end of 2022. What is the maximum dividend Nesbit could have declared in 2022? Assume there are no legal or contractual restrictions that apply