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

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Shown below in T-account format are the changes affecting theretained earnings of Brenner-Jude Corporation during 2018. AtJanuary 1, 2018, the corporation had outstanding 104.5 millioncommon shares, $1.0 par per share. Retained Earnings ($ inmillions) 80 Beginning balance Retirement of 4.5 million commonshares for $24.0 million 2.60 70 Net income for the yearDeclaration and payment of a $0.26 per share cash dividend 26.00Declaration and distribution of a 2% stock dividend 17.00 104.40Ending balance Required: 1. Prepare the journal entries to recordthe transactions that affected Brenner-Jude's retained earningsduring 2018 based on the information provided. 2. Prepare astatement of retained earnings for Brenner-Jude for the year ended2018.

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Shown below in T-account format are the changes affecting theretained earnings of Brenner-Jude Corporation during 2018. AtJanuary 1, 2018, the corporation had outstanding 104.5 millioncommon shares, $1.0 par per share. Retained Earnings ($ inmillions) 80 Beginning balance Retirement of 4.5 million commonshares for $24.0 million 2.60 70 Net income for the yearDeclaration and payment of a $0.26 per share cash dividend 26.00Declaration and distribution of a 2% stock dividend 17.00 104.40Ending balance Required: 1. Prepare the journal entries to recordthe transactions that affected Brenner-Jude's retained earningsduring 2018 based on the information provided. 2. Prepare astatement of retained earnings for Brenner-Jude for the year ended2018.