Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2021 annual report as follows. 2019 $5,804,552 (163,500) RENN-DEVER CORPORATION Statements of Retained Earnings For the Years Ended December 31 2021 2020 Balance at beginning of year $6,937,952 $5,641,052 Net income (loss) 3,388,700 2,280,900 Deductions: Stock dividend (34,000 238,000 shares) Common shares retired 236,000 (118,000 shares) Common stock cash dividends 889,950 748,000 Balance at end of year $9,198,702 $6,937,952 $5,641,052 At December 31, 2018, common shares consisted of the following: Common stock, 1,820,000 shares at $1 par Paid-in capital-excess of par $1,820,000 9,100,000 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. 2 Record transfer of net income to retained earnings. 3 Record repurchase of shares for retirement. 4 Record declaration of cash dividend. 5 Record payment of cash dividend. redit 6 Record transfer of net income to retained earnings. 7 Record issue of stock dividend. 8 Record declaration of cash dividend. 9 Record payment of cash dividend