Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2018 annual report as follows RENN-DEVER CORPORATION Statements of Retained Earnings 2017 $ 6,986,952 $5,678,052 $5,844, 552 For the Years Ended December 31, 2016 2018 Balance at beginning of year Net income (loss) Deductions: (166,500) 3,428,700 2, 320,900 Stock dividend (35,000 shares) Common shares retired (122,000 shares) Common stock cash dividends 245,000 244,000 909,950768,000 $ 9,260,702 $6,986,952 $ 5,678,052 Balance at end of year At December 31, 2015, common shares consisted of the following Common stock, 1,850,000 shares at $1 par Paid-in capital-excess of par $1,850,000 9,250,000 Required Infer from the reports the events and transactions that affected Renn-Dever Corporation's retained earnings during 2016, 2017, and 2018. Prepare the journal entries that reflect those events and transactions. (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. 6 Record transfer of net income to retained earnings. 7 Record issue of stock dividend. 8 Record declaration of cash dividend. Notejournal entry has been entered