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 capital$$excess of par $7,580,000$

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.