Shown below in T$-$account format are the changes affecting the retained earnings of Brenner$-$Jude Corporation during $2024.$ On January $1,2024,$ the corporation had outstanding $109$ million common shares, $$1$ par per share.

Retained Earnings $($$ in millions$)$

Debit Credit

Retirement of $9$ million common shares for $$33$ million $2104$ Beginning balance

Declaration and payment of a $$0\mathrm{.}36$ per share cash dividend $3688$ Net income for the year

Declaration and distribution of a

$4\%$ stock dividend $35$

$119$ Ending balance

Required:

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

Prepare a statement of retained earnings for Brenner$-$Jude for the year ended $2024.$