ges affecting the retained earnings of Brenner-Jude Corporation during 2024. On January 1, 2024, the corporation had outstanding 108 million common shares, $1 par per share.

Retained Earnings ($ in millions)
Debit		Credit
Retirement of 8 million common shares for $39 million	3	110	Beginning balance
Declaration and payment of a $0.36 per share cash dividend	36	99	Net income for the year
Declaration and distribution of a 4% stock dividend	26
		144	Ending balance

Required:

1. From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner-Judes retained earnings during 2024. Prepare the journal entries that Brenner-Jude must have recorded during the year for these transactions. (Hint: In lieu of revenues and expenses, use an account titled Income summary to close net income or net loss.)
2. Prepare a statement of retained earnings for Brenner-Jude for the year e