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Name Date 5. The following selected transactions took place during the current year for a...

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Accounting

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Name Date 5. The following selected transactions took place during the current year for a company (10 points) March 25 Declared a $2 per share cash dividend on 20,000 shares of common stock outstanding April 20 Paid the cash dividends declared on March 25. Dec 31 Closed the $52,000 credit balance in Income Summary that reflects net income to Retained Earnings. (a) Prepare the journal entries for these transactions. (b) If Retained Earnings had a $75,000 credit balance on January 1, calculate its year- end balance as of December 31. march 25

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