Walnut Co held its quarterly dividend meeting on December $8.$ At that meeting, the directors decided that a $$1\mathrm{.}50$ per share cash dividend would be paid to the holders of record on Monday, January $1.$ Before the dividend was declared, the firm's cash balance was $$30,000$ and its accumulated retained earnings balance totaled $$1,280,000.$ Walnut has $10,000$ shares of common stock outstanding. What were the balances in the cash, dividends payable, and retained earnings accounts on January $2?($Hint: remember, net income is all first put into Retained Earnings and then dividends are paid out of retained Earnings.$)$