Question 11 [22 points] Shown below in T-account format are the changes affecting the retained earnings of DigiCom during 2020. At January 1, 2020, the company had outstanding 105 million common shares. Beginning balance 90 Retirement of 5 million common shares for $50 million Net income for the year 80 Declaration and payment of a $0.50 per share cash dividend 50 Declaration and distribution of a 6% share dividend 22 Ending balance Answer the following guestions. Please make sure all dollar amounts are rounded to the nearest million. a) From the information provided by the account changes, you should be able to recreate the transactions that affected DigiCom's retained earnings during 2020. Prepare journal entries for the following transactions: Retirement of common shares Net income closed to retained earnings Declaration and payment of the cash dividend Declaration and distribution of the share dividend For the journal entries, enter an appropriate description, and enter December 31 for the date in each entry. b) Prepare the retained earnings column for the statement of shareholders' equity for the year ended December 31, 2020 Retained Earnings ($ in millions) Qpening balance, Net income Share retirement, Dividends Share dividend, Ending balance