The Following Selected Transactions Took Place During the Current Year

The following selected transactions took place during the current year for a company:
$$\begin{array} { | l | l | } \hline \text { March } 25 & \begin{array} { l } \text { Declared a } \$ 2 \text { per share cash dividend on } 20,000 \text { shares of common Stock } \\\text { outstardiris }\end{array} \\\hline \text { April } 20 & \text { Paid the cash dividends declared on March } 25 . \\\hline \text { Dec. } 31 & \begin{array} { l } \text { Closed the } \$ 52,000 \text { credit balance in Income Summary that reflects net } \\\text { income to Retained Earnings. }\end{array} \\\hline\end{array}$$
(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.