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	$	7,011,452		$	5,696,552		$	5,864,552
Net income (loss)		3,448,700			2,340,900			(168,000	)
Deductions:
Stock dividend (35,500 shares)		248,500
Common shares retired (124,000 shares)					248,000
Common stock cash dividends		919,950			778,000			0
Balance at end of year	$	9,291,702		$	7,011,452		$	5,696,552

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

Common stock, 1,865,000 shares at $1 par	$	1,865,000
Paid-in capitalexcess of par		7,460,000

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.)