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 31202120202019Balance at beginning of year$6,786,452$5,531,552$5,684,552Net income (loss)3,248,7002,140,900(153,000)Deductions:Stock dividend (31,000 shares)217,000Common shares retired (104,000 shares)208,000Common stock cash dividends829,950678,0000Balance at end of year$8,988,202$6,786,452$5,531,552

At December 31, 2018, common shares consisted of the following:

Common stock, 1,730,000 shares at $1 par$1,730,000Paid-in capitalexcess of par8,650,000

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.)

1 Record transfer of net loss to retained earnings.

Note: Enter debits before credits.

DateGeneral JournalDebitCredit2019

2 Record transfer of net income to retained earnings.

Note: Enter debits before credits.

3Record repurchase of shares for retirement.

Note: Enter debits before credits.

4 Record declaration of cash dividend.

Note: Enter debits before credits.

5 Record payment of cash dividend.

Note: Enter debits before credits.

6 Record transfer of net income to retained earnings.

Note: Enter debits before credits.

7 Record issue of stock dividend.

Note: Enter debits before credits.

8 Record declaration of cash dividend.

Note: Enter debits before credits.

9 Record payment of cash dividend.

Note: Enter debits before credits.