Comparative statements of retained earnings for Renn$-$Dever Corporation were as follows:

At December $31,2023,$ common shares consisted of the following:

Common stock, $1,955,000$ shares at $$1$ par

Paid$-$in capital$-$excess of par

$$1,955,000$

$9,775,000$

Required:

Infer from the reports the events and transactions that affected Renn$-$Dever Corporation's retained earnings during $2024,2025,$ and $2026.$ Prepare the journal entries that reflect those events and 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.