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	$6,962,452	$5,659,552	$5,824,552
Net income (loss)	3,408,700	2,300,900	(165,000)
Deductions:
Stock dividend (34,500 shares)	241,500
Common shares retired (120,000 shares)		240,000
Common stock cash dividends	899,950	758,000	0
Balance at end of year	$9,229,702	$6,962,452	$5,659,552

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

Common stock, 1,835,000 shares at $1 par	$ 1,835,000
Paid-in capitalexcess of par	11,010,000

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.