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
	2021			2020			2019
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, 2018, 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 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.)