XYZ Robotics Inc. was organized on January 1,2019, with 530,000 shares authorized; 190,000 shares were...

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Accounting

XYZ Robotics Inc. was organized on January 1,2019, with 530,000 shares authorized; 190,000 shares were issued on January 5,2019. XYZ Robotics Inc. earned $250,000 during 2019 and declared a dividend of $0.28 per share on December 16,2019, payable to shareholders on January 6,2020.
a. Journalize the declaration and payment of the dividend.
b. Compute the balance of Retained Earnings on December 31,2019.
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