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
	2026	2025	2024
Balance at beginning of year	$6,794,292	$5,464,052	$5,624,552
Net income (loss)	3,308,700	2,240,900	(160,500)
Deductions:
Stock dividend (34,900 shares)	242,000
Common shares retired (110,000 shares)		212,660
Common stock cash dividends	889,950	698,000	0
Balance at end of year	$8,971,042	$6,794,292	$5,464,052

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

Common stock, 1,855,000 shares at $1 par	$ 1,855,000
Paid-in capitalexcess of par	7,420,000

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.

*There are 9 entries required for this question.