Bueno Corporation Has 15,500 Shares of $4,cumulative Preferred Shares Outstanding $\quad$

Bueno Corporation has 15,500 shares of $4,cumulative preferred shares outstanding as well as 80,000 common shares.There are no dividends in arrears on the preferred shares.The following transactions were reported during December 2017:
Dec. 1 $\quad$ Declared the required dividend on the preferred shares and a $\$ 0.75$ per share dividend on the common shares.
14 $\quad$$\quad$ The date of record for the dividend declared on December 1.
28 $\quad$$\quad$ Paid the dividend declared on December 1.
31 $\quad$$\quad$ Closed out the income summary account. Net income for the year was $\$ 345,000$ , a_Prepare journal entries to record the above transactions.
b) $\text { Assuming the balance of retained earnings on january } 1,2017 \text {, was } \$ 49,800 \text {, determine the balance of r }$
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