Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2021 annual report as follows. 2019 of year $5,744,552 (157,500) RENN-DEVER CORPORATION Statements of Retained Earnings For the Years Ended December 31 2021 2020 Balance at beginning $6,845,952 $5,587,052 Net income (loss) 3,328,700 2,200,900 Deductions: Stock dividend (32,500 shares) 227,500 Common shares retired (112,000 224,000 shares) Common stock cash dividends 859,950 718,000 Balance at end of year $9,087,202 $6,845,952 0 $5,587,052 At December 31, 2018, common shares consisted of the following: $ 1,775,000 Common stock, 1,775,000 shares at $1 par Paid-in capital-excess of par 14,200,000 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.)