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	$	7,060,452		$	5,733,552		$	5,904,552
Net income (loss)		3,488,700			2,380,900			(171,000	)
Deductions:
Stock dividend (36,500 shares)		255,500
Common shares retired (128,000 shares)					256,000
Common stock cash dividends		939,950			798,000			0
Balance at end of year	$	9,353,702		$	7,060,452		$	5,733,552

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

Common stock, 1,895,000 shares at $1 par	$	1,895,000
Paid-in capitalexcess of par		7,580,000

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.)

Journal entry worksheet 1 2 3 4 5 6 7 8 9 Record transfer of net loss to retained earnings. Note: Enter debits before credits. Date General Journal 2019 Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record transfer of net income to retained earnings. Note: Enter debits before credits. General Journal Debit Credit Date 2020 Record entry Clear entry View general journal Journal entry worksheet Record repurchase of shares for retirement. Note: Enter debits before credits. Date General Journal Debit Credit 2020 Record entry Clear entry View general journal Journal entry worksheet Record declaration of cash dividend. Note: Enter debits before credits. Date General Journal Debit Credit 2021 Record entry Clear entry View general journal Journal entry worksheet