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Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2018. At January 1, 2018, the corporation had outstanding
Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2018. At January 1, 2018, the corporation had outstanding 103.5 million common shares, $1.5 par per share. 76 Beginning balance Retirement of 3.5 million common 2.40 shares for $21.0 million 68 Net income for the year Declaration and payment of a $0.23 23.00 per share cash dividend Declaration and distribution of a 6% 22.00 stock dividend 96.60 Ending balance Required 1. Prepare the journal entries to record the transactions that affected Brenner-Jude's retained earnings during 2018 based on the information provided. 2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2018. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1Required 2 Prepare the journal entries to record the transactions that affected Brenner-Jude's retained earnings during 2018 based on the information provided. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) Debit Credit No Event General Journal Common stock Paid-in capital-excess of par Retained earnings Cash 68.00 2 2 ncome summarv Retained earnings 68.00 23.00 Retained earnings 23.00 Cash 22.00 4 4 Retained earnings Common stock Paid-in capital-excess of par Required1 Required 2 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1Required 2 Prepare a statement of retained earnings for Brenner-Jude for the year ended 2018. (Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) BRENNER-JUDE CORPORATION Statement of Retained Earnings For the Year Ended December 31, 2018 ($ in millions) Balance at January 1 Net income for the year Deductions Retirement of common stock Cash dividends Stock dividend 0.00 Balance at December 31 KRequired 1 Required 2
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