Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2021 annual report as follows. RENN-DEVER CORPORATION Statements of Retained Earnings For the Years Ended December 31 Balance at beginning of year Net income (loss). Deductions: Stock dividend (39,000 shares) Common shares retired (138,000 shares) Common stock cash dividends Balance at end of year 2021 $7,182,952 3,588,700 2020 2019 $5,826,052 2,480,900 $6,004,552 (178,500) 273,000 276,000 989,950 $9,508,702 848,000 $7,182,952 $5,826,052 At December 31, 2018, common shares consisted of the following: Common stock, 1,970,000 shares at $1 par $1,970,000 Paid-in capital-excess of par 11,620,000 Required: Infer from the reports the events and transactions that affected Renn-Dever Corporation's retained earnings during 2019, 2020, and 2021. 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.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 1 2 3 4 5 6 7 8 Record transfer of net loss to retained earnings. Note: Enter debits before credits. Date 2019 6 General Journal Debit Credit > Record entry Clear entry View general Journal Journal entry worksheet < 2 3 4 5 6 7 8 Record transfer of net income to retained earnings. Note: Enter debits before credits. Date 2020 6 General Journal Debit Credit > Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 Record repurchase of shares for retirement. Note: Enter debits before credits. Date 2020 6 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 2 3 03 Record declaration of cash dividend. Note: Enter debits before credits. Datel 2020 5- 6 7 8 6 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 6 7 8 Record payment of cash dividend. Note: Enter debits before credits. Date 2020 6 General Journal Debit Credit Record entry Clear entry > View general journal < Prev 7 of 7 # Next View transaction list Journal entry worksheet < 2 3 4 5 Record transfer of net income to retained earnings. Note: Enter debits before credits. Date 2021 7 8 9 > General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 2 3 4 5 6 8 9 Record issue of stock dividend. Note: Enter debits before credits. Date 2021 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 Record declaration of cash dividend. Note: Enter debits before credits. Date 2021 5- 6 7 9 > General Journal Debit Credit Record entry Clear entry View general journal 4 5- 6 7 8 .00 View transaction list Journal entry worksheet < 2 3 Record payment of cash dividend. Note: Enter debits before credits. Date 2021 94 General Journal Debit Credit Record entry Clear entry View general journal