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

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Accounting

The following selected transactions took place during the current year for a company:
February Declared a $2.50 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.
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