Chapter 18 Exercises and Problems 6 Saved Help Save & Exit Submit Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2024. On January 1, 2024, the corporation had outstanding 108 million common shares, $1 par per share. 6.81 Retained Earnings ($ in millions) Debit points Retirement of 8 million common shares for $22 million 5 Declaration and payment of a $0.36 per 36 88 93 82 share cash dividend Declaration and distribution of a eBook 26 5% stock dividend 108 Print Required: Credit Beginning balance Net income for the year Ending balance 3 Check my work References 1. From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner- Jude's retained earnings during 2024. 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 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner-Jude's retained earnings during 2024. 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.) Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet < 1 2 3 4 Record the retirement of common shares. Note: Enter debits before credits. Event 1 General Journal Debit Credit Show less