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Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation...

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Accounting

Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2021. At January 1, 2021, the corporation had outstanding 111 million common shares, $1 par per share.

Retained Earnings ($ in millions)
96 Beginning balance
Retirement of 11 million common shares for $25 million 4
80 Net income for the year
Declaration and payment of a $0.39 per share cash dividend 39
Declaration and distribution of a 5% stock dividend 20
113 Ending balance

Required: 1. From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner-Judes retained earnings during 2021. Prepare the journal entries that Brenner-Jude must have recorded during the year for these transactions. (Hint: In lieu of revenues and expenses, use an account titled Income summary to close net income or net loss.) 2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2021.

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