RENN-DEVER CORPORATION
Statements of Retained Earnings
For the Years Ended December 31
	2026	2025	2024
Balance at beginning of year	$6,810,952	$5,550,052	$5,704,552
Net income (loss)	3,268,700	2,160,900	(154,500)
Deductions:
Stock dividend (31,500 shares)	220,500
Common shares retired (106,000 shares)		212,000
Common stock cash dividends	839,950	688,000	0
Balance at end of year	$9,019,202	$6,810,952	$5,550,052

At December 31, 2023, common shares consisted of the following:

Common stock, 1,745,000 shares at $1 par	$ 1,745,000
Paid-in capitalexcess of par	10,470,000

Required:

Infer from the reports the events and transactions that affected Renn-Dever Corporations retained earnings during 2024, 2025, and 2026. 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.)

Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.