Shown below in the T-account are the changes affecting the Pacific Corporation's retained earnings during 2022. On Jan. 1, 2022, the corporation had outstanding 100 million common shares, $1 par value. Assume the Pacific had a beginning balance of PIC-share repurchase of $3 million. Retained Earnings ($ in millions) Retirement of 10 million common shares for $20 million Declaration and payment of $0.6 per share cash dividend Declaration and distribution of a 25% stock dividend 2 XXX YYY 60 Begin 80 net income for the year From the provided information, 1) Calculate the cash dividend, stock dividend and ending balance of retained earnings. 2) Prepare the journal entries that the Pacific must have recorded during the year. ZZZ

Shown below in the T-account are the changes affecting the Pacific Corporation's retained earnings during 2022. On Jan. 1, 2022, the corporation had outstanding 100 million common shares. $1 par value. Assume the Pacific had a beginning balance of PIC-share repurchase of $3 million. Retained Earnings (S in millions) Retirement of 10 million common shares for $20 million 2 Declaration and payment of 50.6 per share cash dividend XXX Declaration and distribution of a 25% stock dividend YYY 60 Begin 80 net income for the year From the provided information, 1) Calculate the cash dividend, stock dividend and ending balance of retained earnings. 2) Prepare the journal entries that the Pacific must have recorded during the year. ZZZ