For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax Income $300,000 Permanent Difference (15,000) Temporary Difference (20,000) Taxable income $265,000 Tringali's tax rate is 25%. What should Tringali report as income tax payable for its first year of operations? $5,000 $8,750 $20,000 $35.000 10 d in its 2021 annual repon Comparative statements of retained earnings for Renn-Dever Corporation were reported in its as follows. RENN-DEVER CORPORATION Statements of Retained Earnings For the Years Ended December 31 2021 2020 $5,464,052 2,240,900 2019 $5,624,552 (160,500) Balance at beginning of year $6,794,292 Net income (loss) 3,308,700 Deductions: Stock dividend (34,900 shares) 242,000 Common shares retired (110,000 shares) Common stock cash dividends 889,950 Balance at end of year $8,971,042 At December 31, 2018, common shares consisted of the following: 212,660 698,000 $6,794,292 $5,464,052 Common stock, 1,855,000 shares at $1 par $1,855,000 Paid-in capital-excess of par 7,420,000 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.)