The shareholders equity accounts for Burnaby Corp. showed the following on December 31, 2021:

Common shares

Authorized: 500,000 shares, Issued and outstanding: 16,000 shares $464,000

Preferred shares

$1, non-cumulative, Authorized: 400,000 shares, Issued and outstanding: 7,000 shares $77,000

Retained earnings - $565,000

Transactions during the year 2021:

On March 14, Burnaby Corporation bought back and retired 2,500 of their common shares for $34 each.

On June 1, Burnaby declared 5% share dividends to its common shareholders. Current market price, $32 per share.

On June 15, shares dividends were distributed to shareholders.

On August 15, Burnaby Corporation exchanged 15,000 common shares for equipment with a fair market value of $460,000, current market price $33 per share.

On September 18, Burnaby Corporation declared a 5:1 stock split.

On November 20, Burnaby Corporation declared cash dividends to the preferred and common ($2 per share) shareholders.

On December 20, cash dividends were paid.

On December 31, closed the credit balance of $155,000 in the Income Summary account.

Required:

(a) Prepare the journal entries to record each of the foregoing events. If no entry is required state

(b) Compute the account balance of Retained Earnings.