Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2018 annual report as follows. RENN-DEVER CORPORATION Statements of Retained Earnings For the Years Ended December 31, 2018 2017 2016 Balance at beginning of year $ 6,845,952 $ 5,587,052 % 5,744,552 Net income (loss) 3,328,700 2,200,900 (157,500) Deductions! Stock dividend (32,500 shares) 227,500 Common shares retired (112,000 shares) 224,000 Common stock cash dividends 859,950 718,000 Balance at end of year $ 9,087,202 $ 6,845,952 $ 5,587,052 At December 31, 2015, common shares consisted of the following: Common stock, 1,775,000 shares at $1 par Paid-in capital-excess of par $ 1,775,000 14,200,000 Required: Infer from the reports the events and transactions that affected Renn-Dever Corporation's retained earnings during 2016, 2017, and 2018. Prepare the journal entries that reflect those events and transactions. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transaction list View journal entry worksheet Credit General Journal No 1 Date 2016 Debit 157,500 Retained earnings