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Comparative statements of retained earnings for Renn - Dever Corporation were as follows: RENN - DEVER CORPORATION Statements of Retained Earnings For the Years Ended

Comparative statements of retained earnings for Renn-Dever Corporation were as follows:
RENN-DEVER CORPORATION
Statements of Retained Earnings
For the Years Ended December 31
202620252024
Balance at beginning of year $7,060,452 $5,733,552 $5,904,552
Net income (loss)3,488,7002,380,900(171,000)
Deductions:
Stock dividend (36,500 shares)255,500
Common shares retired (128,000 shares)256,000
Common stock cash dividends 939,950798,0000
Balance at end of year $9,353,702 $7,060,452 $5,733,552
At December 31,2023, common shares consisted of the following:
Common stock, 1,895,000 shares at $1 par $ 1,895,000
Paid-in capitalexcess of par 7,580,000
Required:
Infer from the reports the events and transactions that affected Renn-Dever Corporations 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.

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